Pre-Approval Home Loan in Mackay | All Finanz & Insurance Solutions Mackay

Pre-Approval

Successfully getting the perfect property to call home isn’t easy, so give yourself an added advantage with a pre-approval home loan. At All Finanz & Insurance Solutions Mackay, we’ll run through your current financial situation and speak to various lenders to arrange pre-approval documentation.

Pre-approval means the financial institution will consider lending up to the nominated amount. The benefit is that you know the property price range to be looking in and lets the potential vendor know you’re seriously in the market.

Once you have made an offer on a property, you will need to go through the formal approval process before finance is unconditional.

If you’re looking at home loan options, come and speak to our team today. We have offices in Mackay which is open five days a week or we’ll arrange to see you after hours or on weekends by appointment.

To get pre-approved for a home loan, you will need to provide your lender with evidence of your employment, income and assets. You will also need to have a good credit history. The lender will then assess your application and give you a decision. If you are pre-approved, this means you have met the initial criteria for borrowing and that the lender is willing to provide you with finance up to a certain amount.

You can begin with a basic online pre-approval to give you an indication of the amount the lender might be prepared to provide. The next step is a more detailed assessment that includes a credit check from an independent agency and this will take longer to process.

At All Finanz & Insurance Solutions Mackay, we’ll take care of all the legwork to get you to the conditional pre-approval stage, so you can house hunt with complete confidence.

Frequently Asked Questions

Does being pre-approved mean being guaranteed the loan?

No, having a loan pre-approval is not a guarantee that you will get the home loan. Pre-approval is simply an indication from the lender that they are willing to lend you a certain amount of money based on the information you have provided. It is important to remember that pre-approval is not binding, which means the lender can still change their mind and decline your loan application.
Can I bid at auction if I have loan pre-approval?

Yes, you certainly can. Having pre-approval for your home loan puts you in a much stronger position at auction as it means that you have been considered for finance up to a certain amount. This can give the seller confidence that you are serious about buying the property and therefore more likely to be successful in securing the home.
Does it cost anything to get a home loan pre-approval?

Pre-approval is free of charge. We suggest seeking out pre-approval before beginning your search to give you a competitive advantage when you’re ready to make an offer on a home.

Remember, once you have decided to make an offer, you will still need to go through the complete finance application process to secure the loan. Fees are paid when your home loan is settled.
How long does pre-approval last?

Pre-approval is typically valid for between 60 and 90 days. This means you have up to three months to find a home before your pre-approval expires.
Can I get a home loan with impaired credit?

Depending on the level of impairment, we do have access to lenders willing to assist in some scenarios.