With the arrival of spring, it’s customary for the real estate market to spring to life. If you’re contemplating your next property investment, we strongly advise securing a pre-approved home loan. This not only streamlines your property hunt but also safeguards you from potential overspending during auctions.
How long does pre-approval take?
The time it takes to receive pre-approvals may differ between lenders once you’ve submitted your application. Please consult your 1st Street Mortgage Broker to determine the estimated processing time for your chosen lender. Ensuring you provide all necessary documentation upfront can expedite the process.
Follow these three easy steps to get your home loan pre-approval.
1. Collect your documents:
Proof of identity
Proof of income and savings
Proof of living expenses and other expenditure
Evidence of current assets and liabilities
2. Talk with us to find out:
How much you can borrow
How much you require for a deposit
How much you can repay each month
If you qualify for a government grant or concession
3. Submit Pre-approval application with a lender:
We fill out the forms and do all the work
The lender provides confirmation in writing
Pre-approval lasts for 3-6 months
If you’re ready to start your search for a new home or investment property, contact your 1st Street Mortgage Broker to organise pre-approval early so you are ready to act fast when you find the right property.
Don’t hesitate to get in touch with us if you want to examine your options. Our 1st Street team are here to support you and are well-equipped to tackle any questions you might have.
We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.