With Spring just around the corner which usually means the property market will start to warm up! With the current sales climate and a lack of stock the Perth market is already on fire.
If you are considering making that next property purchase, it could be a good idea to at least get pre-assessed by your broker or a pre-approval by a lender. Being ready with a pre-approval may give you that edge when it comes to negotiating on your purchase.
Not all lenders will do a fully assessed pre-approval and many only do a basic pre-approval, which means that when you proceed with your purchase your loan application will still need to go through a full assessment.
How long does a pre-approval take?
It varies from lender to lender from the time of application submission. Your broker should be able to give you an expected timeframe for your preferred lender. Providing the correct documentation up-front will help achieve a speedy turnaround.
Follow these three easy steps to get your home loan pre-approval.
|Collect your documents
Proof of identity
Proof of income and savings
Proof of living expenses and other expenditure
Evidence of current assets and liabilities.
|Talk with us to find out
How much can you borrow
How much you require for a deposit
How much you can repay each month
If you qualify for a government grant or concession.
|Submit pre-approval application with a lender
We fill out the forms and do all the work
The lender provides confirmation in writing
Pre-approval lasts for 3-6 months.
If you’re ready to start your hunt for a new home or investment property, get in touch with us to organise pre-approval early so you are ready to act fast when you find the right property.