If you have been looking at buying property, you need a pre-approval to make sure you don’t miss out.
A pre-approval gets all the paperwork out of the way, removes the uncertainty of whether you can afford the property or not, and lets you get on with the important part of finding the right property to buy
A pre-approval is essentially the lender confirming that you meet the criteria for a home loan with them, subject to valuation and possibly Lenders Mortgage Insurance approval.
Our team will help you get together everything you need in order to apply for a home loan with confidence
There is no obligation to take the finance - if you don’t want to use the approval you don’t have to.
Pre-approval lasts for 90-180 days depending on the lender, with some having an option to roll over if the pre-approval expires.
Speeds up the formal approval process – once you have signed a contract, generally, all the bank needs to complete is a valuation on the property.
More negotiating power – Vendors love to hear you have pre-approval as they know you are a serious buyer.
At Time Home Loans, we are renowned for doing our homework upfront. Our clients enjoy benefits such as:
Confidence in their capacity to borrow
Buying properties within their range
Minimal risks taken during the loan application process
How much should I get pre-approved for?
It is recommended that you get pre-approved for the absolute most you would ever consider to borrow. You can always borrow less but if you end up requiring more than the pre-approval, the whole assessment process needs to start again.
Is a pre-approval unconditional finance approval?
A pre-approval is not unconditional approval. To be unconditional the lender generally needs to order a valuation on the property to confirm that it is acceptable security to them. What documents do I need for pre-approval? We will need all the documents that would normally be required for a home loan application.
What documents are required?
1. Driver’s licence and passport or birth certificate.
2. Marriage certificate, if applicable
3. Two recent pay slips.
4. Recent statement on ALL credit cards confirming the limit.
5. Recent statement on ALL personal or car loans confirming loan amount and repayments.
Some lenders require other documentation. We will advise you what is required when discussing home loan options with you.