THE PRE APPROVAL PROCESS
It’s time to get a pre-approval so you know exactly what price range you can start looking at. A pre-approval gives you confirmation that you’re approved up to a certain sum of money, based on certain conditions. We’ll determine what you can borrow based on all the information you can provide us like – your income, employment history, and any debts or assets you may have.
What to bring with you
When you’re ready to talk with one of our team, you’ll need to provide us with the following to assess your loan application:
Evidence of your income, three months’ bank statements and your three most recent pay slips.
Or, updated financial statements for the last two years if you're self-employed.
Six months of statements for any credit cards, hire purchases or loan facilities.
Photo Identification (Driver’s License or Passport - these may need to be certified).
You can may need to provide us with further information, or additional documentation so we’ll let you know what else you need to bring along. Don't forget to complete our Loan Application and Loan Declaration forms which can be found under your adviser's profile. Once you have these on hand you can book an appointment.
Once you’ve received a pre-approval from us, you can confidently look for properties in that price range.
Things to think about
Try out our Home Deposit Calculator. We’ve made it simple to work out your what you can buy type in your deposit dollar value and then select the percentage accordingly. example: $50,000 at 10% would give you a purchase price of $500,000 and you would have a home loan of $450,000.
Try out our Home Loan Calculator. We’ve made it simple to work out what your repayments would be.
Your loan payments aren’t the only cost you need to budget for. Don’t forget to include insurance, rates and ongoing maintenance costs.
As well as house and contents insurance, you may also need to consider getting life insurance and mortgage repayment insurance. We can help – ask us how.
Before signing any sale and purchase agreement, you’ll need it looked over by a lawyer or solicitor. Ask family and friends for their recommendations.
Body Corporate Fees
If you’re purchasing an apartment or townhouse that’s part of a complex, you’ll likely need to pay Body Corporate fees. These cover things like maintenance for common areas.