Walk into your next purchase armed with knowledge
A home loan pre-approval means a lender has agreed, in principle, to lend an amount of money towards the purchase of a property but hasn’t proceeded to a full or final approval. It allows the borrower to know the maximum available funds, to negotiate with more certainty, and bid with more confidence if going to auction.
A pre-approval is a valuable step in getting you closer to your new family home or investment property. It’s not a requirement in the home buying process, but it can make life easier. Pre-approval can also make you a more attractive buyer to a potential seller, as it indicates that you’re serious about purchasing the property and that your offer is less likely to be withdrawn due to a lack of financing.
Factors which can negate a pre-approval include changes to your personal circumstances, changes to government regulations, a negative valuation of the property or a change in the property’s condition. While there aren’t any great drawbacks to obtaining a single pre-approval, having several in a short period can potentially harm your ability to borrow.
A good broker can take you through the pre-approval process.
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