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Pre-qualifying for a home or investment loan, also known as pre-approval is a great way to feel confident in knowing exactly how much you can afford to borrow. Securing pre-approval for a loan will allow you to make a realistic offer on properties at auction and open houses. Pre-approval also streamlines the process of finalising your finance before making an offer. Being pre-qualified is a great idea whether you’re looking for a home or an investment property.
To get pre-approval we collect supporting documentation for your loan application and then pre-approval is given subject to you finding a suitable property.
As a guide a minimum deposit required is 5% of the purchase price plus stamp duty and fees. Please note any deposit less than 20% of the purchase price plus stamp duty and fees will require lenders mortgage insurance to proceed. We will discuss your situation upon application.
Pre approval generally lasts for two months. Securing pre-approval with us can be done within 24 hours of receipt of application and supporting documentation during business days.
The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant Product Disclosure Statement and Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites.