So how do you know if you can rely on your banks pre-approval?
Why bother getting a pre-approval then, are there any benefits?
What are some of the common conditions of an approval?
- Our validation of all details provided to ensure they are true and correct.
- Our receipt of all necessary supporting documentation (Please print the Application Checklist from the Forms section of the broker website for the information we require now).
- Satisfactory valuation for the proposed security property(s). We will arrange for this to be undertaken where the Bank requires a valuation be completed.
- Lender’s Mortgage Insurance approval, if required.
- No significant change in the customer’s financial position.
What are some questions I can ask to make sure I have a real pre-approval?
- Has my application gone to the credit department
- Have LMI approved my application
- What are the conditions of my approval
- Can I bid at an auction based on this approval?