A pre-approval means that a lender has agreed that you can borrow a specific amount of money to purchase a home.  If you are yet to find a house you want to purchase but are considering actively looking at properties, you may want to seek a pre-approval from a lender to make the home-buying process a breeze.

Why is it recommended to get pre approval?

With a pre-approval in place you will have a solid idea of properties you are able to consider which will save you time and avoid disappointment.  It places you in a great position with vendors and real estate agents as it lets them know that you are genuine about buying and are pre-qualified for finance.  A pre-approval can also work magic with your ability to negotiate!

Lenders will need to check a number of variables alongside an understanding of your current situation before a pre-approval is considered.  Some of these include:

  • Income
  • Expenses
  • Credit History
  • Deposit
  • Property
  • Employment
  • Financial Stability

Once these variables have been satisfied with the lender you will then be given an amount that they are willing to loan for your house purchase.  Once you find it, the next step is getting your dream home approved!

Pre-approval assistance?

The Home Loan Shop has a network of lenders who can assist with a pre approval. Our team of home loan experts can assist you in creating and presenting a thorough application that emphasises strengths and mitigates weaknesses for the lender of your choice!

If you have already spoken to your bank directly and have been told that it may be tough for you to get pre approval or were declined, The Home Loan Shop can help you to get your bank to reconsider or overturn the original decision.

Get the home of your dreams! Schedule a meeting with us so we can discuss our services further.


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