What use is pre-approval?

This is the question on the lips of nearly all first home buyers. Pre-approval may seem like jumping the gun and running things out of order, however it does have some serious benefits.

By gaining your pre-approval and going through the paperwork prior to selecting a property, you cut down the time involved to get to settlement once you’ve placed an offer. With the lender paperwork complete, you have a clear budget of what you can afford to pay for your dream property and don’t run the risk of over committing.

As a buyer with pre approval, you walk in pre-approved for purchase ready to make a deal. We’ve seen cases where buyers have managed to purchase a property for less than another buyers offer, simply because they have the pre approval and can make moves more quickly. When selling a home, the Seller will want a good price from a buyer in a position to get the ball rolling quickly and with the security that pre-approval can give a deal.

If you’d like to know more about how this can work for you, get in touch with one of our friendly team.