Benefits of getting your first home loan pre-approved

By the resi financial blog team, 23 September 2013

What are the benefits of getting your first home loan pre approved

When entering the property market for the first time it can be overwhelming looking at all the various properties you could buy.

Emotions run high for first home buyers and it’s very easy to become attached to one or more of the properties you come across.

So that you don’t miss out on buying your dream property it’s important to have your home loan pre-approved so that you are prepared before making an offer.

Pre-approving your housing finance will allow you to know how much you can borrow and what properties fit within this budget, giving you peace of mind knowing that your finances are sorted.

That just leaves you to worry about finding your dream home!

Here are some other benefits of getting your first home loan pre-approved before you begin your search for property.

Power

Pre-approving your housing finance may help you in the negotiation process, as you will already have your money sorted.

When submitting an offer for a house, you may get chosen over another buyer as you will have the upper-hand over someone that does not have their finance sorted out yet.

It will also demonstrate to agents and vendors that you are serious about buying a home, so your offer may be more likely to be considered.

Having your finance pre-approved can enable you to buy property from auction as well, as auction bids in Australia are unconditional.

Budget

Speaking with a loan specialist to get you loan pre-approved means that you will know exactly how much you can afford to spend.

This will enable you to identify search parameters for your hunt for property, and give you an idea of the location and type of home that you can buy.

For expert advice on getting your home loan pre-approved contact a resi home loan specialist today.

Categories: Home Loans