Getting preapproval from a lender is like getting a thumbs up that your loan should be fine, provided the property is within the agreed range, and your circumstances don’t change.
Your preapproval, in most cases, will last 90 days and has a limit applied to it. This allows you to place offers with confidence knowing your offer is within your limits.
This allows you to place offers with confidence knowing your offer is within your limits. It can often be a condition to participate in an auction that you have preapproval.
You don’t have to disclose to real estate agents that you have preapproval or for how much; you may find that a seller may find your offer more appealing knowing that you have preapproval.
At The Lending Lab, we take out all the hard work of navigating the complex processes of getting the best deal. Here is how the process works
We meet and get to understand what your current position is and what your goals are
We go back to the lab and do all the research to build a game plan on how we can get you to where you want to be
We present the best options for your goals and circumstances, you decide.
We do the leg work to get you approved and manage the process all the way through to the end.
We review your home loan regularly, making sure you are always on a great deal.
Whatever your goal or situation is, the best first step is to talk to an expert. Reach out today and we can start helping you.
When we are applying for preapproval, it is very similar to applying for a full loan.
We will need to look at your income, expenses, savings, and any debts and provide the information to the lender
The lender will do their checks and assess the application and provide an outcome.
Then you have your preapproval; you are good to hit the market and find your next home.
Once you have found your property, made your offer, and it has been accepted, we will send the contract of sale to the lender and let them know the property and sale amount.
The lender then converts your preapproval to full approval and send you the loan contract for the amount you need to purchase the home.
Hypothetically, if you had preapproval for $800,000 and made an offer that resulted in your only needing $775,000, then the bank would send you a final contract of $775,000. You are not forced to borrow more than you need.
Preapprovals typically last for 90 days. You can extend your preapproval; however, each lender has different policies and processes for this.
In most cases, the lender can simply renew it up to 2-3 times. Some lenders will ask for an updated pay slip/bank statement to show your income or deposit hasn’t changed.
We will reach out and discuss options as it gets close to your expiry.
Once you find your home, we notify the bank of the purchase price and provide the contract of sale. We organise the loan paperwork for the amount you need and get everything ready for the settlement of your new home.
100% You can choose to not proceed with looking for a home; you are not obligated to buy a home or place offers on homes. If you make an offer and it is accepted, then depending on the terms, you may have some obligations to the buyer.
You can also choose to go with a different lender or product if interest rates change and a better product becomes available.
With access to over 30 lenders and hundreds of lending products, we can help find the right loan to suit your needs.
We are here to help you keep money in your pocket, not take it out. We receive our payment from the bank that wins your business.
We are legally required to put your best interests first under Best Interest Duty Legislation. Not only do we comply, but we embrace this. We are family-owned, not banked owned.
We aren’t here to just do a transaction; we are here to help you achieve your goals. We have your back every step of the way.
Getting a loan can be a complex process, so put the experts to work and let us handle it for you.
We want our customers to know what is happening, how long it will take, and what the next steps are at all times. Whether you prefer calls, email, or text, we make sure you always know how your application is going.
We use technology and expertise to make the complex process simple. We see it as our job to make your experience as stress-free and straightforward as possible.
We translate “bank” speak to plain English. We don’t dodge the hard questions or hide behind fine text and terms and conditions.
Our business is built on our customer’s success. We will always let you know if a better deal becomes available or how we can help you towards your next goal. We are a partnership, so you never have to go it alone.
Whether you have a plan, a dream or a question, reach out today and put the experts to work for you.
