Pre Approval for a Home Loan: First Time Buyer
Getting a pre approval for a home loan as a first time buyer can seem daunting, but it's actually a simple, cost-free process. The pre approval process for a home loan has a few steps, but a Mortgage Broker can help explain in detail and walk you through the entire process.
How much does a home loan pre approval for a first time buyer cost?
Nothing! Well...usually nothing. Some Mortgage Brokers and lenders do charge a fee, however the vast majority do not - including us..
How do I apply for my first home loan pre approval?
Step one is to talk to a Mortgage Broker. A Mortgage Broker can look at your situation, check your eligibility, your affordability and find you the best deal. Once you have been 'pre-qualified' by a Mortgage Broker, you can submit the requested documents to them and ask them to apply for a pre approval with the lender of your choice. After the lender assess your situation, they will give you a 'conditional approval' or 'approval in principal', which are just synonyms for a pre approval.
Will being a first time buyer make it harder to get a pre approval?
Nope. In many cases, lenders actually look at first time buyers as lower risk than other borrowers!
|General requirements for a pre approval:|
|Permanent Australian Resident.|
|A regular source of income i.e. a job.|
|5% deposit + costs (generally $3,000+) or a guarantor. See the costs of buying a house in Qld for more info.|
|How we can help:|
|Assess your eligibility.|
|Explain the process in full and answer any questions.|
|Calculate your affordability.|
|Help choose the right lender and home loan product for you.|
|We won't charge you.|
FAQ about a first time buyer home loan pre approval:
How long will it take to get pre approved?
This depends on the lender, but generally under 1 week. See the pre approval process for a more detailed explanation.
Do you charge for your service?
No. The lender pays us a commission for a successful application so you needn't pay us anything. See how does a Mortgage Broker get paid for more details including current commission rates.
Can you do after-hours appointments?
Yes! After-hours and weekend appointments are welcomed, although your finance application will generally only be processed on week days.
Do you only service Brisbane?
We can do self employed home loans all over Australia, often over the phone. Our Mortgage Broker is however based in North Brisbane, and as such can service all surrounding areas in person: Albion – Alderley – Ascot – Aspley – Bald Hills – Banyo – Boondall – Bracken Ridge – Bridgeman Downs – Brighton – Brisbane Airport – Carseldine – Chermside – Chermside West – Clayfield – Deagon – Eagle Farm – Everton Park – Fitzgibbon – Gaythorne – Geebung – Gordon Park – Grange – Hamilton – Hendra – Kalinga– Kedron – Keperra – Lutwyche – McDowall – Mitchelton – Myrtletown – Newmarket – Northgate – Nudgee – Nudgee Beach – Nundah – Pinkenba – Sandgate – Shorncliffe – Stafford – Stafford Heights – Taigum – Virginia – Wavell Heights – Wilston – Windsor – Wooloowin – Zillmere.
Will a credit check be required?
We can pre-asses your application without a credit check, however the lender will be required to do one upon application.