6 things to know about pre-approvals
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What is pre-approval?
Pre-approval means a lender has given you an indication they’re comfortable lending you up to a certain amount based on your current situation. It’s not a guarantee you’ll get the loan, especially if circumstances change, and there’s no obligation to proceed. However, it helps you focus your property search, bid with confidence, and show sellers you’re serious about buying.How long does pre-approval last and what if it’s expiring?
Pre-approvals usually last around two to three months, depending on the lender. Your pre-approval documents will show the expiry date. If your pre-approval is about to expire, get in touch. Since we already have your details, we can often help you extend it or arrange a new pre-approval quickly.Are there limits to a pre-approval?
Pre-approval is conditional and based on your circumstances at the time of application, so it’s not an absolute guarantee. We’ll do everything we can to help you get your finance approved. If your situation changes, let us know so we can reassess your application.
Some lenders have restrictions on the types of properties they’ll finance, such as:
Serviced apartments
High-density properties in inner-city areas (especially with less than 20% deposit)
Commercial or company title properties
Properties under 50sqm
Does pre-approval change if interest rates rise?
Small interest rate changes usually don’t affect your pre-approval because lenders account for this when assessing your application. However, significant changes in your income or interest rates could impact your borrowing power. It’s wise to speak with us before making an offer and include a finance clause in your contract.I found a property I like. What now?
Once you find a property within your price range, contact us first to ensure it fits the lender’s criteria. We can provide a property report showing recent sales data and similar property prices nearby to help you understand the market value.
Making an offer depends on the sale type. Auctions are unconditional, so bids are binding. For private sales, review contracts with your solicitor or conveyancer to understand conditions like cooling-off periods and inspections. Even with pre-approval, it’s usually best to allow around ten days for finance approval—contact us if you have questions.
Let the real estate agent know you have pre-approved finance to show you’re serious and ready to move quickly, giving you a competitive edge.
My offer was accepted. What’s next?
Congratulations! Now, contact us so we can guide you through the next steps.
You’ll typically need to pay a deposit to secure the property—often 10% for auctions (non-refundable) or around 25% for private sales. Make sure your deposit funds are ready and understand your contract’s requirements; your solicitor or conveyancer can assist with this.
Once we have your signed contract, we’ll work with you and your lender to finalise your loan approval and get your finance ready for settlement.
- Variable rate loan
- Fixed rate loan
- Guarantor loan
- Keystart Loan
- Construction loan
- Property Share
- Low deposit loan
How much deposit do I need to buy a house?
Most lenders generally look for a deposit of around 20% of the property’s value. However, there are situations where a smaller deposit may still be considered, depending on your circumstances. In some cases, this may involve paying Lenders Mortgage Insurance (LMI). There may also be government incentives or grants available to assist eligible buyers, particularly first home buyers. If you're looking to purchase a property in Baldivis or nearby, reach out to our local mortgage broker office to explore what deposit options might work for you.
How much can I borrow?
Great question! Your borrowing capacity is an estimate of how much a lender may be willing to offer you based on your income, expenses, and overall financial position. To get started, try our borrowing calculator for a quick estimate. For a more accurate assessment tailored to your personal situation, get in touch with our mortgage broker team in Baldivis. We’ll walk you through the details and help you understand what your options may look like.
How do you help me choose the right loan for my needs?
At our Baldivis mortgage broker office, we have access to over 60 banks and lenders. We take the time to get to know you, your goals, and your financial situation. From there, we narrow down the options and present loan products that align with what you're trying to achieve. We'll go through the features, benefits, and considerations of each option so you feel confident in the choice you make. It’s all about finding a loan that fits your circumstances—not just for now, but into the future.
Do you help first home buyers in Baldivis?
Yes, we work closely with first home buyers in Baldivis and the surrounding areas to help make the process of purchasing your first home as smooth as possible. From understanding your borrowing power to exploring available government grants and navigating the loan process, our team is here to support you every step of the way. We take the time to explain everything in simple terms and provide loan options from a wide range of banks and lenders that may suit your circumstances. We'll go through the features, benefits, and considerations of each option so you feel confident in the choice you make. It’s all about finding a loan that fits your circumstances—not just for now, but into the future. Established homes and new home construction.
What’s the process to apply for a home loan through your Baldivis mortgage broker office?
The process starts with a quick conversation—either online or in person at our Baldivis office. We'll ask a few simple questions to understand your goals and current financial situation. From there, we research suitable loan options from our panel of over 60 lenders. Once you’re comfortable with your choice, we handle the paperwork, help you apply, and guide you through pre-approval, property selection, and settlement. We're with you the entire way, making sure everything stays on track. We'll go through the features, benefits, and considerations of each option so you feel confident in the choice you make. It’s all about finding a loan that fits your circumstances—not just for now, but into the future.
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