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10 Steps For Pre-Approval | 39
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תוכן מסופק על ידי The Property Heroes. כל תוכן הפודקאסטים כולל פרקים, גרפיקה ותיאורי פודקאסטים מועלים ומסופקים ישירות על ידי The Property Heroes או שותף פלטפורמת הפודקאסט שלו. אם אתה מאמין שמישהו משתמש ביצירה שלך המוגנת בזכויות יוצרים ללא רשותך, אתה יכול לעקוב אחר התהליך המתואר כאן https://he.player.fm/legal.
In today's podcast, the Heroes answer the key steps towards getting a pre-approval.
Step 1: Bank account clean up
Our advice is to not have any preconceived ideas about the house you want to buy. We start off with working towards what the bank is comfortable in lending you and what is truly affordable.
Step 2. Liability check
Get all your liabilities in check. Banks understand you will have liabilities, car loans, credit cards, it’s all normal. However, these can lower the amount you can borrow.
Step 3. Know your personal numbers
Know your incomes and monthly expenses (i.e have a budget). Choose the amount of savings you want to put towards your property and make sure there is some cash leftover
Step 4: Check your credit scare.
Your credit scare… I mean score. Your credit score is a number that provides an insight into the ‘trustworthiness’ of you as a borrower.
Step 5. Find a good Mortgage Master (mortgage broker)
Finance is a rough game, there are over 50 banks in Australia, each with their own niche’s policies. It’s almost impossible to know what each of them is up to.
Step 6. Provide them with the right documents
The success of getting a loan is all about compliance. Banks live and breathe compliance, so having all your documents ready and your willingness to provide more documents is key to the process.
Step 7. Understand their proposal
Your Mortgage Master should provide you with a proposal, understanding this is key. What are the ongoing fee’s and charges for the bank, and finally, how long does the process take or what are the next steps.
Step 8. Sign application forms
Simple, forms on forms on forms. To share your private information, your Mortgage Master will need you to sign a number of compliance and application forms. Take time to read these and ask questions, but ultimately, it's a part of the journey. The quicker you can turn around documents like this, the better.
Step 9. Answer bank questions
Once your loan is submitted to the bank there are a number of ‘stages’ it can pass through till it’s pre-approved. At either of these stages, there could be questions or further documents needed to make a decision.
Step 10. Get pre-approved (and know your conditions)
Once you have reached the pre-approved stage, breathe a sigh of relief. Now before you charge out there and look to buy property tomorrow, it’s best to understand and re-confirm the conditions to this pre-approval.
Thanks again and catch you next time.
The Property Heroes
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We release a few different episodes a week
Monday
- A short rapid-fire educational episode about property/real estate
Wednesday
- A longer form, conversational episode talking all thing property and finance.
Friday
- A short rapid-fire educational episode about finance. If you have any questions or any comments, it would be great to hear from you help@letsbuyproperty.com.au or you can reach us through our social.
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https://www.instagram.com/letsbuyproperty/
Facebook group:
https://www.facebook.com/groups/letsbuyproperty/
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