As spring arrives, it usually signals the beginning of a hot real estate market. Should you be thinking about buying your next home, it's advised to secure a pre-approval for home loans in Melbourne beforehand. This step not only streamlines your house-hunting process but also prevents you from making impulse purchases at auctions.
What's the procedure for getting a pre-approval?
The time it takes to receive a pre-approval notice can differ from one bank to another, starting from the moment you submit your application. Ask your broker what to expect from the bank you're interested in. If you can provide all the necessary documents at the start, this process should be expedited.
Here are three steps to secure your home loan pre-approval:
Gather your documents
- Proof of identification, such as a passport or state ID,
- Proof of your income and savings,
- Proof of your living costs and other expenses,
- Proof of your existing assets and debts.
Discuss with the professional Home Loan Brokers in Melbourne
- Your borrowing capacity
- The amount needed for a deposit,
- Your monthly repayment capacity,
- If there are any government grants or concessions available to you.
Submit your pre-approval application to a bank
- The professionals offering home loans near Melbourne will handle the application and complete all the necessary paperwork.
- The bank will confirm your pre-approval in writing.
- Keep in mind that your pre-approval will last anywhere from 3 to 6 months.
If you're eager to begin your search for a new residence or investment property, don't hesitate to contact the professionals to arrange your pre-approval in advance. This will ensure you're prepared to make a quick decision when you come across your dream home.
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