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Home Loan Pre-approval

If you are looking to buy a Melbourne property soon, you can look at getting pre-approval on a home loan.   

Pre-approval simply means that a lender has pre-approved you for a home loan, before you have actually found a property.  This enables you too look at the market in Victoria, visit home opens and put in offers knowing that you are approved for credit already. 

The process is similar to when actually applying for a home loan, except that usually you will not have chosen a property yet.  The pre-approval will most likely come with some restrictions, such as up to certain amount or subject to further documentation.  The pre-approval will be valid for a set period of time, usually around three months.

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Applying for pre-approval:
  1. It is usually a good idea to assess your personal situation and decide how much you are looking to borrow.  A simple chat with a mortgage broker can help you determine how much you can borrow
  2. Research what type of loan you would require so you can ask the lender for their home loan products that most interest you
  3. Gather all your supporting documentation such as proof of income and personal ID as the lender will want to see all the paperwork before allowing you to have pre-approval.
Push for unconditional approval so you can negotiate with confidence.  Most pre-approvals come with limitations still attached.  Although an unconditional approval may attract a fee, the security and confidence it gives you in the market place is often work this initial cost.   Once you find a property and put an offer in, you need to let the lender know and your mortgage broker.

Advantages
The major advantages are knowing how much you can borrow and being taken seriously as a potential buyer by agents.  Know your budget when it comes to looking at properties can save you wasting your time looking at places that are either too low or too high for your budget.  You can also achieve a quicker settlement once you find your property.

Considerations
Pre-approval usually is only for a period of time, around three months, so only go for pre-approval once you are sure that you want to purchase a property soon.  The lenders will still need to see all of your documentation the same way they would if you has found a property and were actually applying for a home loan.

Pre approval is a great way to have the edge over other buyers in the market.  One of our mortgage brokers can talk you through the process in more detail, simply call us on or submit the online form.

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