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Why have a pre approval?

You are most likely either:

– Selling your current home and buying another

– Selling your current home to yourself (perhaps as a company/trust) as a rental and buying another property to live in


It is always wise to know that you will be approved for your next purchase before you sell your existing home since it would really not be nice if you sold and then found that because your circumstances have changed in some way, that you don’t qualify for as much lending as you thought.


Why get a pre approval?

– There are huge variances in credit policy between banks in the current housing market, if you sign up to buy a house and then it takes too long to obtain finance then you could end up losing the opportunity to buy the property.

– When you have a pre approval you know how much you can borrow which will put you in a better position to negotiate.

– Pre approvals are currently valid for 6 months, giving you plenty of time to look around for a home of your choice.


How long will it take to put a pre approval in place?

It pays to get organised in advance. From the time we receive all the necessary information we can usually obtain an approval within 3 days. However, the banks can be a bit slow from time to time, especially if the mortgage is over 80% of the property’s value. If you are borrowing over 80% allow for 5-7 working days to get an approval.

It is best if you speak with us early in your house buying process!


What paperwork is required?

Step 1. Complete an application that sets out your assets and debts, income and expenses.

Step 2. To verify the figures we need to support the application with proof of income (usually the last 3 pay slips), proof of a saved deposit, and 3 months of bank statements.

Contact us to find out more.