Pre-approval confirms you’re eligible to apply for a home loan up to a certain amount.
We recommended it’s your 1st step to your property search because of the numerous benefits it can give you:
1. Confirm your borrowing power – With a loan pre-approval, you’ll know exactly how much you can afford to pay. It gives you a solid understanding of your finances & a clear spending limit.
2. Save time on your property search – Having pre-approval will confirm how much you can borrow & help you avoid wasting time looking at properties you can’t afford.
3. It gives you a competitive advantage – In a competitive property market having a pre-approval allows you to make an offer right away & get the finance quickly. It also signifies to sellers that you are serious and your offer could be more desirable than one that doesn’t have pre-approval.
4. It protects your purchase deposit – if there is an issue with your eligibility or a lender won’t approve the amount you need to borrow, you could potentially lose your deposit.
