Home Loan Pre-Approval

With our expert home loan pre-approval services, you can confidently purchase your dream home without worrying about financing.

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Are you looking to get pre-approval for your home loan in Melbourne?

For a free consultation on your home loan options, give us a call or come in for a chat at our Mount Waverley, Port Melbourne or Chadstone offices.

If you’re looking to buy your first home, an investment property or simply want to understand your borrowing capacity, it’s always best to first get pre-approval. Pre-approval is confirmation that a bank is happy with your borrowing capacity and the amount they are willing to lend you. With our help getting mortgage pre-approval, you’ll have confidence to start the property search knowing a qualified mortgage broker and bank has reviewed your financial details.

Review Your Finance and Property Goals

We first look to understand your goals so we can help structure your home loan accordingly. Reviewing your needs and personal circumstances will give us a good indication of the options available to you. Whether you’re buying a bigger house, building a property portfolio or simply getting into the market, we’ll be able to tailor our approach to suit you better. Once we understand your goals, we will provide you with detailed scenarios and options to see a pre-approval home loan.

Borrowing Capacity Assessment

The most important part of the pre-approval process is understanding your borrowing power. This is when we review your income, expenses and liabilities to understand your capacity to repay a new loan. Your borrowing power will give you a good indication of the repayments associated with your next home loan.

Understand your Deposit Requirements

There are plenty of home loan options available regardless of your earning power or deposit size. We’ll help you understand all of your deposit requirements and any government grants or initiatives you may be eligible for. Whether it’s a first home buyers scheme, Lenders Mortgage Insurance or lower interest rates, we’ll lay out your options to make sure you’re getting the best home loan outcome possible.

Review Products Available

Not every loan product is the same. From packages with offset accounts to cost-saving home loan products, each bank has their own product set. We’ll review products from over 30 different lenders to find the best solutions available for your individual situation.

Review Home Loan Types

Not only are there different home loan products, but there are different rates and types. You might be better suited on a variable or fixed rate, a Principle & Interest or Interest Only loan; whatever it is, we’ll find the best home loan type for you. By understanding your goals and needs, we can structure your home loan accordingly.

Choose the Bank

With over 30 lenders on our panel, we use our software and market knowledge to help narrow down the right bank for you. We’ll sift through online lenders like Ubank, ING and ME Bank, as well your major lenders like CBA, NAB, Macquarie, ANZ and Westpac. We take an open-minded and independent approach, using your best interest to find the best interest rates.

Sourcing and Submitting a Pre-Approval

Once we have ironed out your goals, borrowing capacity, deposit requirements, products and loan type, we submit to the chosen lender for a pre-approval. The pre-approval is then reviewed by the bank's internal credit team with a favourable outcome being a fully assessed pre-approval (not just generated from a system). Once this is received, you generally have 90 days to look for properties before this needs to be re-reviewed.

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Lets Get You Home Loan Pre-Approval

When you've got your eyes on the property of your dreams, the last thing you want to worry about is finance. With pre-approval in hand, you can confidently bid on your dream home, safe in the knowledge that your financing is sorted.

Getting pre-approval for our clients is our bread and better. We'll help simplify the pre-approval process, making it easy for you to secure the financing you need to purchase your dream home. We'll work with you to understand your financial circumstances and find the best lender and loan product to suit your needs, giving you the confidence you need to take the next step in your home buying journey.

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Meet the Finance Team

Our finance team have been with Elephant from day one, delivering expert home loan solutions for over six years. Starting from humble beginnings in a shared office space, Shehan and Gavin slowly built up a loyal customer base through a reputation for excellent customer service and results.

Both mortgage brokers have received numerous nominations and awards over the journey, including Best Customer Service and the Best Loan Administrator at Victoria’s Better Business Awards. Today, the pair are now experienced veterans in the industry who continue to provide stellar servicing for each of their clients.

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Home Loan Pre-Approval FAQs

Free of cost. Banks don’t charge for a pre-approval loan.

Usually for 90 days but this can usually be extended by the same bank.

Pre-approval gives you confidence that a bank is happy with your current situation and the loan you are seeking. When attending an auction or buying a property, agents will often ask if you already have pre-approval. If you do, they will see this as a sign of great client to work with in the property sales process.

It all depends on your individual situation. If you are looking to purchase an investment property or reduce your cash flow, then Interest Only is a good option. If you are keen to pay off the mortgage or it’s a home you are looking to live in, principal and interest can be a great way to get ahead and build equity.

Fixed loans lock your interest rate for a period of time, usually for 1-5 years. Depending on economic conditions, fixed rates could be cheaper or more expensive than the variable rate. Fixed rates give you certainty, where variable rates give you greater flexibility for things like offset accounts and even selling off your property. The risk with variable rates is that you may have rates increase or decrease at any given time which affects your home loan repayment.

An offset account allows you to save money in a bank account and save on paying your home loan interest. It’s often a very effective way to accelerate your home loan whilst having access to your funds. Banks that offer offset accounts usually have fees attached to this so it’s important to review each lender's terms and conditions.

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Melbourne Accountants & Mortgage Brokers | Elephant Advisory