6 Feb 2016

| Home Loan

Often when it comes to real estate it is a case of ‘you snooze, you lose’ so with pre-approvals you will be in a position to act fast, beat the competition and secure the deal.

1. It’s free of commitment

Getting a pre-approved home loan is free and comes with no obligation to proceed with that specific lender, meaning you have nothing to lose and everything to gain from determining your financial capabilities.

2. You know how much you can spend

Going through the pre-approval process offers a clear read on your current financial situation and will make sure that you avoid the disappointment of finding your dream home, only to then struggle in obtaining suitable finance.

3. Speed is of the essence

Often when it comes to real estate it is a case of ‘you snooze, you lose’ so with pre-approvals you will be in a position to act fast, beat the competition and secure the deal.

4. It shows that you aren’t a tyre kicker

A selling agent will know that you are a serious buyer and not just someone who might be testing the waters. Knowing your borrowing capacity will give you serious leverage when negotiating a sale or bidding at auction - and can make the difference between securing that dream home quickly or seeing it slip away.

5. Your efforts are focused

Because you know your budget range, it means you can spend time and effort looking at the right homes in the right suburbs of choice.

6. You can do your homework

Imagine finding that dream home but not having explored the various mortgage opportunities? Taking time to research the options beforehand and getting pre-approval in place means that you won’t feel rushed by applying after you’ve found a home that ticks all the boxes.

7. Time is on your side

The approval tends to be valid for a 90-day period, giving you the ability to shop for your new home with confidence. Final unconditional approval is also faster because the pre-approval stage has been completed. The pre-approval home loan application process is fairly simple. Normally an application is made by appointment at 400 King William St, Adelaide, or at your home or office, by phone or online, followed by a discussion with a lender about your objectives and home loan options, fees and charges to complete an application.

Make sure you are able to readily supply proof of identification (such as photographic driver’s licence or passport), proof of income by way of pay slips or financial statements, details about what you owe (including most recent credit card and/ or loan statements) and copies of most recent transaction account statements. Once all requirements have been met, pre-approval should take 24 to 48 hours to receive.

8. The next step

Contact Credit Union SA by calling (08) 8202 7777, arrange an appointment with a mobile manager, visit 400 King William St, Adelaide or view our home loans section.

This is general advice only and doesn’t take into account your objectives, financial situation or needs. Conditions, fees and lending criteria apply and are available on request.

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This article is intended as general information only and has been prepared without taking into account the personal financial situation, objectives or needs of the reader. Before acting on this information, you should consider its appropriateness, having regard to your objectives, financial situation and needs. You should always seek professional advice or assistance before making any financial decisions.