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The benefits of pre-approval

For first home buyers, a pre-approved loan is the perfect first step toward owning your new home

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    What is pre-approval?

    If you haven’t started your property search, or are still looking, a pre-approved loan is the perfect first step toward owning your new home. A loan pre-approval basically means that a lender has agreed, in principle, to lend you a certain amount of money but hasn’t proceeded to a full or final approval. Why is this important? It gives you a clear picture of what your spending limits are and gives you peace of mind that if you find a property you’re really interested in you can move quickly to make an offer!

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    Other benefits of pre-approval

    Gives you confidence with your borrowing capacity. Pre-approval allows you to go into the search for your new home prepared and knowing exactly how much you are able to afford. When you meet with your broker they will help you work out your repayments so that you know you can sustain the financial side of things and be comfortable in your new home. This means you can start house-hunting with a firm budget and peace of mind!

    Gives you a competitive edge over other buyers. A pre-approval may put you in a stronger negotiating position than other potential buyers who do not yet have pre-approval.

    Lasts anywhere from 60-90 days. A pre-approval gives you plenty of time to look for a property because it typically lasts anywhere from 60-90 days. If by chance you can’t find a suitable property within this time, you can re-apply easily with your broker.

    It doesn’t cost you anything. We’ve partnered with the award-winning Mortgage Advice Bureau, who can arrange a pre-approval for you at no cost! Fill out the below form for a quick assessment or give them a call today on 1800 316 610.

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    Financial health check at no cost to you

    A Financial Health Check will help you improve your Finances which in turn will help you to get your first home. Click below to read MAB’s ‘Financial Health Check’ Guide to find out what’s involved and why it’s important to do.

    Download your free guide

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    Seek independent advice

    This information is intended to be of a general nature only. It has been prepared without taking into account any person’s objectives, financial situation or needs. Before acting on this information, we recommend that you consider whether it is appropriate for you. We recommend that you seek your own independent legal, financial, and taxation advice before acting on any information in this article. Mortgage Advice Bureau is a full member of the Mortgage Finance Association of Australia. MAB Broker Services Pty Ltd (ACN 616 236 527) trading as Mortgage Advice Bureau is Authorised Credit Representative Number 493979 of Mortgageport Management Pty Ltd 082 753 679, Australian Credit Licence Number 386360.

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