Get approval before you buy
Getting pre-approved before you buy is one of the smartest steps you can take to set yourself up for a successful purchase.
Having a pre-approval means you know how much a lender would be willing to lend you. It makes it easier to house hunt, bid at auction, or make an offer with greater confidence and certainty.
A pre-approval can save you significant amounts of stress and help you avoid purchasing a house you either can’t afford or can’t get a home loan for.
To order your pre purchase approval:
Simply call Court Financial Services on 9429 9775.
We’ll collect the information needed over the phone and start on the process.
You will need to provide some supporting documents to verify your income and identification. Take a look at our supporting document checklist. It’s helpful to have this information available and ready when you call us.
What is a pre-approval?
A home loan pre-approval means that a lender has agreed, in principle, to lend you money for the purchase of your home. It’s an agreement that is conditional upon additional criteria being met.
The additional criteria usually relate to the details of the house you purchase such as:
- The value of the home
- The type of home
- The condition of the home
To get a pre-approval you’ll submit information about your current circumstances to the lender (such as income, expenses, employment status, debts, etc.) so that the lender can assess your loan eligibility. One of the conditions of the pre-approval will be that there are no changes to these circumstances.
The pre-approval will be provided to you in a letter or email. It will outline how much the lender may be willing to lend you and list the additional criteria that must be met. This pre-approval can also be shown to a real estate agent so that you can view various properties of interest.
Pre-approvals are only valid for short periods of time – approximately 3 – 6 months. If your circumstances change within this time, you will need to re-apply.
Why are pre-approvals a great idea?
- They help you set a realistic budget before you start house hunting
- They help you avoid over-committing
- They give you confidence when making an offer or bid at auction
- They allow you to search for homes within your financial means
FAQs
Can’t find the answer to your question?
Contact Us – We’re ready to help.
A Home loan pre–approval is an agreement from a lender (based on your financial circumstances) to lend you money for your new home before you have found it. It’s an agreement that is conditional upon the value and type of home you buy, and your financial position remaining the same during the house hunting period.
Read more about pre-approvals here and why it is important
There is no cost required to obtain a pre-approval.
A pre-approval can assist you in many ways:
- Knowing how much you may be eligible to borrow helps you set a realistic budget before you start house hunting. You’ll save time looking at houses that are out of your price range.
- It can help you avoid over-committing
- It can give you confidence when making an offer or bid at auction
Talk to Court Financial Services about your current situation. We will submit your information (including details of your income, employment, debts and expenses) to the most appropriate lender on your behalf and will liaise with the lender as they assess your credit history and loan eligibility.
If your pre-approval application is successful, it is usually provided to you in a letter or email and will outline the conditions that must be met.
The pre-approval is also conditional upon your circumstances and financial position staying the same. For example, your financial position became worse or you resign from your job, the pre-approval would most likely become void.
Pre-approvals are only valid for short periods, approximately 3 – 6 months, and if your circumstances change within this time, you will need to re-apply.
