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Why Should I Get a Preapproval?

The property market is as volatile today as it has ever been. And that means every prospective purchaser needs to have their ducks in a row to be well positioned to secure the property of their dreams.

Perhaps one of the best tools to have in your arsenal when looking to put an offer on a property is a Pre-approval. Here are the top reasons as to why having a pre-approval in place is a great idea, particularly in this market.

A Pre-Approval Lets You Know What You Can Afford.

There is nothing worse than finding the property of your dreams only to discover that it is out of your price range. When you have secured a pre-approval with your lender of choice through your mortgage broker, you will be well placed to know exactly what price range you can consider which not only will save you time looking at properties outside your reach but also save you the heartbreak of missing out on a property you loved.

A Pre-Approval gives you leverage.

When you are ready to make an offer on a property, having your finance pre-approved means you are more likely to be in a strong position to secure formal finance approval and quickly. Having a solid offer gives the seller peace of mind that the transaction is likely to go through and this may translate in a more favourable purchase price. A Pre-Approval Means You Can Act Quickly.

A Pre-Approval Means You Can Act Quickly

If you find a suitable property having your finance in place means that you can make an offer swiftly which is an ideal position to be in particularly in this volatile market. Having to take the time to go back to your broker to run the numbers to see if you qualify to buy the property means losing valuable time that could have been spend negotiating the terms of the contract.

A Pre-Approval Alleviates Stress

Securing finance for a property purchase, particularly in the high-stakes environment of a hot market, can at times be a rollercoaster ride of emotions and elevated stress levels. Having the peace of mind of having a pre-approval in place can take the edge off this and ensure the process is a smooth one.

Where to Start in Getting a Pre-Approval

If you are keen to get the ball rolling on your Pre-Approval there is no time like the present. Contact your Mortgage Broker to arrange a time to sit down and go through the numbers to find out what you can afford. If you are planning to purchase a property, then a pre-approval should be the first step you take and the Blackburne Mortgage Broking team the experts you need by your side to get the job done.

Contact us on 9429 5794 to find out more information.


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Take control of your finances and start paying less on your mortgage today. With our no cost, no obligation review of your existing loan, our expert mortgage brokers will analyse your current loan and provide you with a tailored solution to help you save on interest and pay your loan off quicker.

Paul Prindiville


0438 196 695