Consumer News

Home loan pre-approval is essential

20 February 2017

By Tim McKibbin – REINSW CEO

Searching for your dream home can take years, which is why it is so important for buyers to obtain a pre-approved home loan.

A pre-approved home loan allows prospective buyers to know exactly how much they have to spend and shows the seller and real estate agent that you’re prepared.

Buyers should also get pre-approval as soon as they start looking for a property because some banks are tightening their lending rules which is causing some applications to take longer than usual. This puts buyers at risk of missing out on a property as they wait to get confirmation of their finances.

It it is also important to regularly review it to check the extent of your approval, as the rules constantly change.

Know your limits and buy with confidence.