GET PREPARED. GET PRE-APPROVED.

With the property market so competitive, it is becoming increasingly important to get ahead of all the fellow buyers. One way to do this is to get a pre-approval prior to property hunting. But what’s the best way to this?

Research your options. 

There are a range of lenders available to borrowers, but not all are created equal. Depending on your financial situation, one lender may have a credit policy that is better suited to your needs.

Use your borrowing capacity to select your property.

One of the major benefits to a pre-approval is understanding your borrowing capacity, and selecting properties appropriate to that amount. It’s no good getting pre-approved for $450,000 and looking at inner city penthouse apartments. Should you be disappointed with the amount, then put a plan in place to strengthen your financial system and reach your property goal.

Don’t let it expire.

Typical lenders will only honor a pre-approval for a limited amount of time. This is because both individual situations and marketing conditions can change so quickly. A common expiry period is 3 months before another pre-approval will need to be re-done.

Speak to our team here at Ask A Broker today. With over 40 lenders available to us, we can help you select the ideal one for your needs, guide you through the process and then help finalise your loan when you’ve found a property!