How to get your mortgage pre-approved
Make an offer on your dream home with confidence.
Home loan pre-approval is when a lender agrees to lend you an amount of money to help you purchase a property, subject to conditions being met. The benefit of a pre-approval is that you can quickly get a good idea of how much you are eligible to borrow.
Pre-approval is the best indication that your lender deems you an acceptable candidate for a home loan (up to a certain amount) and is viewed favourably by sellers when you make an offer. It shows you’re serious about buying the property and reduces the risk of you backing out of an offer due to no financial support. It may also allow you to shorten the time you require to have unconditional finance approval, which may make your offer more attractive than others.
The first step.
When you are ready to proceed, we get your pre-approval application underway. At this time, we take a closer look at your personal circumstance.
At this stage, we will require supporting documents for pre-approval and if you are self-employed that will mean your last two years tax returns and financial documents. Next we take a look at the property you are looking to buy. Even if you haven’t found anything yet, you may have an idea of what you want. We ask what your property will be used for – a place to live or an investment – and ideally which suburb or suburbs you would like to purchase in.
Then we look at how much you would like to spend. This is not set in stone – you will have the opportunity to change this later. We will also ask you if you are a first home buyer and investigate any government incentives you may be eligible for.
We can now work out the deposit you will need. We will also take into accounts transfer or stamp duty and other charges that may apply to your purchase.Based on the information you have given us, we can now tell you the loan amount you are eligible for.
Mortgage pre-approval
When should you get pre-approval?
If you’re about to begin seriously looking for a new home, or you’re thinking about putting in an offer for a property, then it’s a good time for you to get pre-approval. This way, you’ll know if you’re eligible for a home loan and can confidently bid or negotiate knowing what you’ll be able to afford. It will show sellers you’re serious about buying the property and that it’s unlikely you will need to withdraw your application because of denied financing.
Did you know when pre-approval expires? Pre-approval lasts approximately three months, depending on the lender, and once expired, you’ll need to reapply.
Simply fill out your application online or chat to one of our friendly Newbridge Lending Specialists on the phone and they can complete your application for you.
The first step.
Get pre-approved for your home loan
How does it tale to get pre-approved for a home loan?
How long does it take for you to get a pre-approval in place from a bank?
Pre-approval for your home loan will allow you to go and search for property and also give you peace of mind that
you’ve got a commitment from the bank and you can borrow up to a certain level. Once you work
through the four L’s of lending establishing your Level, Loan Type, Lender, you can then arrange the
lodgement of your application with the bank. A home loan pre-approval will usually take anywhere from two to
seven business days for the banks to process and issue the approval.
A pre-approval will last from anywhere between three to six months. Finally, the good thing about a
pre-approval is there’s usually no cost involved. So if you do go through the process and you don’t,
for whatever reason, purchase a property and use that approval, you won’t incur any costs.
If your pre-approval expires and you want to get it re-instated, it’s usually just a matter of providing
updated documents to the bank.
The first step.
Tell us a few things about you
Complete our pre-approval form and we'll review your status and get back to you.
We know it seems complicated to get a home loan pre-approved, but we can help! Once you have pre-approval, you're able to start negotiating on properties to purchase.
Send your pre-application enquiry.
Send your pre-application enquiry.
We're an MFAA Approved Broker.
