Pre-approval - Steps in getting home loan Pre-approval.

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Pre-approval is something any person looking for a loan should know about.  Want to go shopping for a home and need to know how much you can borrow? Well, then it’s time to get home loan pre-approval. It’s a good idea to get pre-approval before shopping for a home, so that you know what your borrowing power is.  Also, sellers and real estate agents may take you more seriously if you have home loan pre-approval.

Steps for getting home loan pre-approval:

  >>   Apply online and a mortgage broker will contact you to set up an appointment to get you loan pre-approval. The broker will make the process as easy and as smooth as possible. The meeting with you is absolutely obligation free.

  >>  The mortgage broker will meet with you at your home or office at a time of your choice to run through the various home loan options available.
                  The broker:
                      >>  has home loan computer program available to
                            compare  various home loans,

                     >> Can identify your needs and provide lending
                            options that suit your needs

                     >>  can provide you with information to assist you
                            in choosing the right home loan to meet your
                            needs, and

                     >>  can work out how much you can borrow

 >>  The mortgage broker will provide you with all the necessary assistance and guidance to help you select the right home loan. You choose the loan to meet your needs.

  >> The loan application paperwork is completed.

  >> You supply the broker with supporting documentation such as documents to confirm your identity (e.g. drivers license, passport, birth certificate, etc.), employment or self employment information, assets, liabilities, etc. The broker will help you with what documentation is required as this may differ from lender to lender.

 >> The broker will submit your loan for pre-approval. If everything meets the lender's requirements, pre-approval will be granted in about 2 to working 4 days from day of submission. Pre-approval is generally valid for about 2 to 3 months, depending on the lender involved. You can now go shopping for a home.


It should be noted that having pre-approval is not an unconditional approval by the bank to grant you the loan. What it does indicate is that the bank has in principle agreed to provide you with a loan up to a certain dollar amount, subject to certain conditions………..such as valuation of the property, that the home is in the right geographical area, that you have enough money for the deposit, or that you can pay the stamp duty.


For example the bank will not want to lend money for someone to buy a property where the bank’s appointed valuer has determined a value for the property which falls short of the bank’s valuation and lending criteria. If this turned out to be the case, it would be disappointing for you, but your home loan pre-approval would not be affected, and you could continue your search for another property.

There are a number of  forms of home loan pre-approvals, many of which you cannot reply on. The best type of pre-approval to get is an unconditional pre-approval, however this will not be free as in the case of the 'normal' pre-approval. A benifit of having an unconditional pre-approval is you would be able to really negotiate with confidence as the pre-approval would be unconditional. However, it should be kept in mind that even an unconditional pre-approval is subject valuation of the property where the lending instituaton carries out a valuation on the property. Although the unconditional-pre approval is not free, as is the case with the pre-approval, there are definatly benifits in paying for the peace of mind that it can provide.


Our mortgage brokers operate in most areas in Sydney, including:

     >>  Sydney Upper North Shore
    >>  Sydney Lower North Shore
    >>  Sydney Northern Beaches
    >>   Sydney City
    >>  Sydney Eastern Suburbs
    >>  Sydney Inner West
    >>  Sydney Western Suburbs.

Let us help take the hassle out of getting you a pre-approval for your home loan.  Make your appointment now and see how we can help you.
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Here are some of the Pros and Cons of Pre-approval:

Some Pros
 - Sellers may take you more seriously
- Real estate agents may treat you as a more qualified buyer
- In a better position to negotiate with the seller
- You know the maximum amount the lender will lend you
- you know what type of loan you qualify for
- No need to rush around to find a loan once you have found
    the property you've been looking for.
- Allowing you to move ahead quicker when the right property
   has been found.



Some Cons
- Pre-approval may not be unconditional approval and they may
    still be subject to certain conditions.
-  Pre-approvals and unconditional pre-apprivales are still
     subject to property valuation by the lender, and are not the
     same as having the money in the bank.
-  Lower level of confidence. Buyers cannot act with the same
     level of confidence with a pre- approval as they would with
     an unconditional pre-approval.
-  Pre-approvals is free, but you would probably have to pay for
     an unconditional pre-approval.

Pros & Cons of Pre-approval. 

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