Step-by-Step: Your Guide to Getting Home Loan Pre-Approval

Getting pre-approved for a home loan is an important step before you start seriously house hunting. Pre-approval shows sellers you’re serious and gives you a clear idea of your budget. Here’s how the pre-approval process works, step by step.

1. Initial Chat

The process starts with an initial chat, where we talk through your goals, your current situation, and what you’re hoping to achieve. This helps us understand your needs before diving into the detail.

2. Fill Out the Financial Fact Find

Next, you’ll fill out a financial fact find, which captures all the detail we need about your income, expenses, assets, and liabilities. This forms the basis of your loan application.

3. We Review Your Info

Once we have your financial fact find, we review your information to understand your borrowing capacity and identify any potential issues before they become a problem.

4. Discovery Call

We’ll then have a discovery call to go through your situation in more detail, answer any questions, and make sure we’ve got a clear picture of what you need from your home loan.

5. Loan Options

Based on your situation and goals, we’ll put together a shortlist of loan options that could suit you, taking into account interest rates, features, and lender policies.

6. Submit Your Loan Application

Once you’ve chosen a loan option, we’ll help you pull together the necessary documents and submit your loan application to the lender on your behalf.

7. Pre-Approval

If your application is successful, the lender will issue pre-approval, giving you a clear indication of how much you can borrow, so you can shop with confidence.

8. Sign the Contract of Sale

With pre-approval in hand, you’re ready to make an offer on a property and sign the contract of sale once you find the right home.

9. Formal Approval

Once you have a property in mind, we’ll submit the full application to the lender for formal approval, which takes into account the specific property you’re purchasing.

10. Settlement Day

Finally, once formal approval is granted and all the legal work is complete, settlement day arrives and the property officially becomes yours.

Ready to Get Pre-Approved for Your Home Loan?

If you’d like to start the pre-approval process or have any questions along the way, get in touch at jane@justrightlending.com.au.