Ready to buy a property?
Pre-approval – also known as conditional approval or approval in principle – is an indication from a lender as to how much you can borrow. If you have pre-approval, vendors and agents know you’re serious about buying.
Here are the steps you need to follow.
- Fill in a Fact Find and gather your financial information
To get an idea of how much you can borrow, and therefore what you can afford to buy, you need to give the lender a comprehensive picture of your finances. This includes your income and assets, and your financial obligations such as existing debts and living expenses (including ongoing bills, entertainment, food and car expenses, etc).
You’ll need evidence of:
- Your identification
- Payslips and potentially tax returns for your income.
- Your current property if you have one (a council rates notice will do)
- Loan statements for existing loans.
- Credit card statements showing your credit limit.
The Fact Find will collect a wide range of personal information including date of birth, employment and address history. The lenders use this to determine if and how much they can lend to you.
We will use use all of this information to get an idea of how much you may be able to borrow.
Make an appointment with us
Make an appointment to speak with us about what you are looking to do. This also gives you the ability to ask as many questions, drawing on our expertise in finance and the property purchasing process.
We can help clients with:
- Assessing lenders and selecting the right fit – including all the main banks and many niche and value lenders.
- Comparing these lenders and producing a recommendation of at least 3 ideal lenders.
- Arranging CoreLogic professional valuation reports to guide you on offer prices and current market and suburb values. This is the same system real estate agents use for valuations.
- If you already hold property, we arrange bank valuations on those properties to determine value and your equity position.
Don’t risk your credit score!
To minimise the risk of a declined application and wasting precious time, we carry out a pre-qualification to ensure tha we target a lender and a loan amount that is realistic and that will stand the best chance of being approved.
At the appointment, we will use your information to calculate an approximate borrowing figure, and outline the steps that we will take to get a pre-approval in place for you.