How long does pre-approval take?
Home loan pre-approval is available from most lenders and is generally valid for three months. Usually it is very quick - you can have preapproval within 24 hours, as long as your financial documents are in order and you qualify.
It is something you should definitely get if you possibly can, no matter how much you are intending to borrow because it allows you to pretty much act as if you have cash. A pre-approval application is assessed in exactly the same way as a full approval. The only difference is that the property you will purchase has not yet been determined.
The major advantage of pre-approval is that consumers are aware of their borrowing capacity when looking at homes, and do not waste time looking at properties that are not within their price range. Consumers can confidently view homes, attend auctions and feel confident to put in a offer at home opens, once they have pre-approval.
All Home Loan Pre-Approvals are subject to the conditions under which the approval is granted. As a guide, these generally include:
- finding a suitable property
- receipt of a registered valuation
- mortgage insurance acceptance (if applicable)
Lenders will render a decision based on your complete loan application, employment verification and data from all three credit reports.
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