Pre-Approval
Although it is not essential to obtain pre-approval for your loan prior to placing an offer on a property, there are many benefits that will potentially help you secure the home you desire. These include:
The Confidence to Proceed with your Search
By obtaining pre-approval you now know what you can borrow, and which lender you are acquiring your loan from.
By obtaining pre-approval you now know what you can borrow, and which lender you are acquiring your loan from.
Your Search is Already Gaining Definition
You may already have an idea of the areas that you wish to live in. With a pre-approval letter established, you now know the price range that you are aiming for when you conduct your more detailed search for your future home.
You may already have an idea of the areas that you wish to live in. With a pre-approval letter established, you now know the price range that you are aiming for when you conduct your more detailed search for your future home.
The Strength of your Offer Increases
When placing an offer on a house, by having pre-approval in place you are able to provide greater security to the seller that your offer is a solid one. The seller will be more willing to negotiate with someone that is pre-approved, and your offer may be given preference over others due to the fact that you are pre-approved.
When placing an offer on a house, by having pre-approval in place you are able to provide greater security to the seller that your offer is a solid one. The seller will be more willing to negotiate with someone that is pre-approved, and your offer may be given preference over others due to the fact that you are pre-approved.
Key facts sheet
The Australian government requires all lenders to provide a Key Facts Sheet when you request one.
All Key Facts Sheet's contain the same information and are presented in the same way, to help you compare and select the home loan that best suits your needs.
All Key Facts Sheet's contain the same information and are presented in the same way, to help you compare and select the home loan that best suits your needs.
Information contained within a Key Facts Sheet should include:
- Loan Amount
- Term of the loan
- Interest type
- Lender & product name
- Repayment method
- Repayment frequency
- Interest rate
- Personalised comparison rate (interest rate including fees)
- Estimated cost of the home loan (Repayments & Fees)
- What happens if... (examples of repayments when interest rates increase or 'fixed' period ends)
- How can I repay my loan faster
All of this information will be happily explained in detail to you by one of our mortgage brokers if/when required.