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When you signed your contract you may have obtained pre-approval from your lender. A pre-approval is an indication whether the lender will be able to loan you the money you need based on an initial assessment of your credit history and borrowing capacity. 

Less than 3 months prior to settlement, when the lot is close to completion, you can apply for formal approval with most lenders. You will receive a formal approval when the lender has everything they need and can confirm in the form of a letter that they are willing to lend you money. This is the final guarantee that you will need for the property purchase. 

It is important to note that a pre-approval from your lender is not a guarantee. You will still need to apply for formal approval with your lender. 

Helpful Resources

Document checklist for a loan

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The benefits of pre-approval

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Is your pre-approval still valid?

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Why use Astute Financial

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The Impacts of COVID-19

We know that during these uncertain times, getting finance for your dream home or investment might seem difficult. Now more than ever, its important to seek from financial experts to help you navigate the finance process and keep your settlement on track.

Here is some food for thought from our financial partners.

Astute Financial

Astute Financial 
There is little doubt that we are in interesting times, with home loan interest rates at historic lows, many having a 2 in front of them. What is also compelling at the moment, is the range of lending options that are available to people who are looking to purchase a property. The mortgage market is very competitive with many smaller lenders, not only offering great interest rates, but also flexing their credit muscle, taking market share from the larger lenders. 

Now more than ever, it is advisable to sit down with a Mortgage Broker to fully understand the options that are available to people looking to buy their own home or who are looking to invest. Mortgage lenders have different risk appetites and having access to a number of different choices increases your ability to find a solution that is right for you. 

Whilst the current low interest rates can certainly make it easier to buy a property, navigating the credit requirements of different lenders can be time consuming and requires expertise. Having good advice can help you find the right loan for today and set you up for any future invest goals you may want to achieve.    

Mark Petterwood has been helping people purchase and finance property for over 10 years. Find out more about Mark here or get in touch with him on 0413 771 044 or at mark.petterwood@astutefinancial.com.au to set up an appointment.

Mortgage Choice

Mortgage Choice

We’re here for you
Right now, all Australians are facing the uncertainty of the COVID-19. But together we will get through this challenging situation. 

How Mortgage Choice can support you in a difficult time  
If the COVID-19 has impacted your employment in any way, I encourage you to reach out to us. There are steps we can take to help reduce the financial pressure.  

Australian banks are stepping up with more clearly defined financial relief strategies. If you are struggling to meet your financial obligations – be it home loan repayments, credit cards, or personal loan payments, please give us a call today or visit our website, and we can work through your options together.  

Don’t lose sight of your goals 
In an environment of uncertainty, one thing is sure: At some point the COVID-19 threat will pass. In the meantime, there is so much opportunity up for grabs to achieve your property – especially as:

·       Interest rates are at unbelievable lows – right now you need to be confident you have the right home loan deal for your needs.

·       Small savings count – even a small reduction in your home loan rate can add up to a personal saving of tens of thousands of dollars over the life of your loan.

·       Home owners may have seen a big rise in home equity – rising home values mean you could have substantial home equity to draw on to achieve personal goals. 

·       Government packages to provide relief - The Government is also stepping up to the plate to help businesses, with its $66.1 billion stimulus package that is intended to keep Australians in work and businesses in business. This includes a cash boost to small businesses and relief for financially distressed businesses. It also includes a significant expansion of the instant asset write-off. But be ready to act fast - the $150,000 write-off is only in place until 30 June 2020.

Visit  www.mortgagechoice.com.au to find out more. 

We're here to help

Want to be put in touch with our financial partners? Or just have a question about the settlement process?

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