Home Loan Pre Approval

In this video we go through the most common home loan pre approval questions and answers in 2020, including what is a pre-approval and the different pre-approval mistakes we see made time and time again.

00:00 Home Loan Pre Approval [Q&A in 2020]
00:40 Different Types of Pre-Approvals
02:01 How Long Does a Pre-Approval Last?
02:34 Does a Pre-Approval Guarantee A Loan?
03:23 How Long Does a Pre-Approval Take?
04:25 What Happens After My Pre-approval?
04:51 What Happens After My Pre-Approval expires?

For home loan enquiries

Find Jayden here:

T: 1300 088 065

Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000

Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.

Next steps and settling your first home

Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.

If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).

What is loan pre-approval?
A loan pre-approval means that a lender has agreed, in principle, to lend you an amount of money towards the purchase of your home but hasn't proceeded to a full or final approval. It allows you to know your maximum available funds so you can narrow your search, negotiate with more certainty, and bid with more confidence if you're going to auction.

A pre-approval is a valuable step in getting you closer to your new family home or investment property. It's not a requirement in the home buying process, but it can make life easier.

Does pre-approval mean that my loan is guaranteed to be approved?
No. While pre-approval means that you're more likely to have a loan approved, it doesn't provide an iron-clad guarantee. The following factors - among others - can affect whether a loan for which you've been pre-approved proceeds to final approval:

Changes to your personal circumstances
Changes to government regulations
A negative valuation of the property
A change in the property's condition

DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.

[drizzle]

Good to see you guys revisiting topics with updates. Thanks for the video

[Jason_Whitling]

Thanks for the video guys.
We are currently building our first home and have just past stage 1. My question is if I apply for a credit card, would it affect the rest of the instalments at each stage? We have a fixed price building contract that has already been approved and shows on our ANZ account. I figured we're going to buy a heap of furniture, might as well make the most of the rewards of a credit card while we're at it.

Cheers for the content guys keep them coming

[NateIcke]

Thanks for the free content and information

I wonder if this preapproval process will change in the COVID 19 and coming deep wonder if the banks will require more deposit and be more stringent on preappoval? Interesting times ahead

[AssadHamid]

Hi Jayden, thanks for such a great information. I am self employed, whom i can meet in Sydney to get clear points on how to get approval.

[Naledi_Mofokeng]

I was declined after my pre approval, Im working as a webcam model getting paid rom UK...but residing in South Africa

[purieh]

I'm still lost.. I got conditionally approved for 3mos.

Not so sure what the next steps are.

See a solicitor? See property? Do i make a down payment to lock in a land? 🙈

[tomsim]

We have no genuine savings, I'm full time and my wife is perm part time but has only just started at her job a week ago. We have full 20% property guarantor and 100k gift. Also in no debt and zero liabilities. Do we have a chance of being approved ?

[syberburns]

Thanks for the info, Jayden! I’ve been a casual employee for almost 3 years (1 year with my current company) and I have a solid work history and I save $10K after bills every month. I mostly work full-time (except for a month around Christmas/New Year). I have $70K saved up. I have zero debts and a good credit history. Will it be hard for me to get a pre-approval as a casual employee even though I earn decent money, have no debts and have decent savings? I’m worried I’ll be rejected because I’m casual. I work in healthcare so I have worked all through COVID-19 so I’m unlikely to be out of work. I want to buy a home that my mother (permanent full-time worker, with her company 20+ years) can rent while I’m away travelling for work. My goal is to buy a modest house she can live in rent-free once she retires in the next 10 years or so. Any advice if I get knocked back on a home loan pre-approval?