Getting Your Home Loan Approved Quickly
We all want a low rate home loan but sometimes the lender who is offerring the best deal is the slowest to respond, because not surprisingly they are the busiest.
It can be frustrating waiting for your home loan approval, particularly if the home you have your heart set on is going to auction soon or you are in a battle with another purchaser to (exchange) sign the contract first.
What Should I Do?
It is always a smart move to get your loan pre-approved before you start looking for a property, this gives you confidence that you can move quickly when you find the right place but even a pre-approval is not usually enough to confidently allow you to exchange contracts on a property.
Things can go wrong after you have your pre-approval!
The most obvious thing that could impact a bank honouring their pre-approval is the valuation report. What would happen if the valuation is less than you offer, or the valuer makes an adverse comment such as the property is unique, in a flood zone or has other issues?
Other things can change from the time you get your pre-approval:
- your banks lending policy
- interest rates - if rates increase your borrowing power may drop
- your employment and income could change
- your credit report may change
We cannot emphasis this enough but it is always wise to seek your solicitors advice as whether you are ready to exchange contracts to purchase a property or whether you should bid on a property at auction.
How Can Ziggybid Help?
We can arrange a quick pre-approval or a formal approval for you while you wait for the approval to come through form your preferred lender. A pre-approval can often be obtained withinin 8 hours while a formal approval with a valuation report will take 2-3 days.
We are able to use this quick approval to issue you a deposit bond for the deposit on your home if required.
To find out how we can help please give us a call on 1800 244 041 or email info@ziggybid.com.au