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Sydney Mortgage
Revealed: Important new information for First Time Buyers.
With falling interest rates, now is definitely the time to refinance your home loan interest rate.
Is your home loan still a good deal? Our free home loan review will find out for you.

Getting Pre Approval

Getting pre approval for a home loan is a great way to start your search for the dream home.  Most banks and lenders can now pre approve you for a Sydney home loan, providing you meet the criteria, and it is valid for three months, giving you plenty of time to find a property that you like.


Advantages of gaining pre approval include:

Interest Rates are Falling FAST.

Make sure you take advantage by speaking to a Sydney finance broker now. Just complete the form below

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•    Knowing how much you can borrow
•    Know your budget when it comes to looking at properties
•    Being taken seriously as a potential buyer by agents
•    Quicker settlement once you find your property

The process is pretty much the same as when actually applying for a home loan, except that usually you will not have chosen a property yet. 


There are five main steps to gaining pre-approval:

1.    Assess your personal situation and decide on what type of loan you require.  Now is the best time to talk to Your Local Sydney Mortgage Broker, who will help you weigh up the options, and talk you through all the various products on the market.
 
2.    Next, work out how much you can borrow, and how much deposit you may have to put down.  Factor into your budget any possible future interest rate changes.  Also consider possible future changes to your personal and financial circumstances, for example a new job, starting a family or an overseas holiday.  Planning for the future now, means less unwanted surprises later on.

3.    Organise your application.  Make sure you have filled out all the necessary paperwork, ask your mortgage broker to assist you with this to ensure the application is as good as it can be.

4.    Gather all supporting documents such as proof of income, bank statements and proof of I.D. such as a driver’s license of birth certificate.

5.    Look at whether the pre-approval is unconditional, as many pre approvals are granted with limitations still attached.  This is the only way to ensure that you can negotiate with confidence.  Many home loan pre-approvals are only indications.  While a ‘normal’ pre approval is free, there may be fees associated with an ‘unconditional pre approval’ but the benefits are often worth it.


Close the deal
Once you have found your property, you will need to advise your mortgage broker and the lender.  The pre-approval can be converted into full approval quickly once you show the contract of sale.

Pre-approval may still be subject to some conditions unless it is unconditional, which usually costs more. However, you will be taken more seriously as a buyer with pre approval and you will be in a better position to negotiate with the seller.


Talk to Your Local Sydney Mortgage Broker and secure unconditional approval for your home loan.  Call 1300 787 665 begin_of_the_skype_highlighting              1300 787 665      end_of_the_skype_highlighting

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