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What Should I Do After My Finance Has Been Pre-Approved?

So you’ve had your finance pre-approved, but what now?

There are a few important steps to take after the approval so we’ve compiled a guide for you.


Tip one: Do your Research

The first thing you need to do is to effectively research a property. You can research online or ask your agent to make arrangements.

For effective research, follow the tips given below:

  • Sign up for the real estate alerts online.
  • Find out property prices by exploring the area where you intend to buy a property and online through or Domain.
  • Visit various auctions and inspect as many houses as you possibly can to get a clearer idea of what’s available.
  • Do not limit your options. Look for houses in the area where there is less competition, as it will enable you to save in the long run.


Tip two: Avoid Unprofessional Agents

A real estate agent plays a vital role in the mortgage application and selection of a house. Their advice is important in the decision-making process. An unprofessional agent is often only concerned about the completion of a sale and they don’t work towards getting you the best price for a property. Key indicators are if the agent doesn’t call you back or has not listed all the properties for you to review, in that case it’s time to consider working with another agent.


Tip three: Property Should Meet Lender’s Criteria

Whenever you look for a house, make sure it is in line with the criteria of a lender. Generally, a property should fulfil the following criteria:

  • A lender would not accept your house as a security if it is less than 50 m² after excluding garage and balcony
  • If the land size is over 2 hectares, some lenders will not accept it. However, this varies from one bank to another.
  • Some banks will decrease the loan to value ratio if you are buying a house in a remote area. In many cases, the valuer might value the property lower than its market price.
  • If the house is not in good condition and you cannot rent it out in its present state, financial institutions will not accept it.


Tip four: Find the Right Conveyancer

A conveyancer or solicitor will help you with the legal documents related to your purchase. Their duty is to make sure that you get proper protection and advice throughout the process. Therefore, you will need them to assist you in the decision making process.

Hunter Galloway tip:Make sure you hire a good legal expert to execute the transaction successfully.


Tip five: Make an Offer

Once you have chosen the house you wish to buy and obtained advice from a conveyancer, it’s time to make an offer.

Below are a few tips to help you make a final decision:

  • Ask the real estate agent about what is a suitable price that a vendor will accept. The price can vary based on how quickly you need to buy a house.
  • Do not disclose your borrowing capacity or the price you can afford to the agent.
  • Take a break from work and spend the entire day at the inspections, as it will help you in assessing properties going for a similar price.
  • As a general rule, you should offer 10 percent lower than the asking price of a seller.

It can be hard to negotiate if the house is near the CBD or the beach, whereas, for properties further out, you can reasonably bargain up to 15 percent of the price.


Tip six: Reports and Inspections

Ensure you obtain relevant reports for the property because spending money on these reports is less costly as compared to buying a property with defects, such as termites.

  • Building Inspection – You must carry out a building inspection to find out if there has been any potential damage to the property. Remember that older buildings have more relatively minor issues, compared to new buildings.
  • Pest Inspection – This inspection is very important to figure out if the property is infested with insects or not. It will also allow you to find out the likelihood of any infestation in the future. Normally, building and pest infections are done side by side.
  • Strata Report – If you plan to buy strata title properties, such as townhouses or units, this report is important. It usually consists of strata minutes of the meeting and financial statements.

All in all, keep all these points in mind after you’ve been pre-approved for finance, to ensure when buying that you make the best decision possible. Chat to our team about your options now on 1300 088 065 or email Nathan at

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