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Make the most of your home loan pre-approval
How to use pre-approval to your advantage when buying a home.
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Getting home loan pre-approval is a key step on your homeownership journey that can make life a little easier, save time and boost your confidence when negotiating or bidding at auction.
Here are some tips for using home loan pre-approval to your advantage.
Apply at the right time
Having home loan pre-approval can save you time on your property search by narrowing your options and helping you avoid inspecting properties beyond your budget.
While you can apply for pre-approval at any time, it’s best to wait until you’re serious about buying. If you’re not quite ready, start by calculating your borrowing power online.
Know the expiry date
Most lender pre-approvals are generally valid for 90 days. This is because your financial situation can change over this time.
When you apply for pre-approval, speak with your lender or broker about the expiry date and what will happen if you don’t find a property within that time.
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Determining your borrowing power is an important part of preparing for a loan – but there are many factors involved.
Let the agent know
Having a home loan pre-approval in place can make you a more attractive buyer to the real estate agent or seller as it shows you're serious and ready to move quickly.
Once your offer is accepted it's important to update your lender who will then arrange for a valuation on the property. This is usually the final step before your loan approval becomes unconditional.
Ready to get started?
If getting home loan pre-approval is on your to-do list, speaking with a mortgage or finance broker can help you understand the process and find the right loan for your circumstances.
Contact a Liberty Adviser today to learn how they can help you get into your new home.
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