Pre-qualify for a home loan FAQs

You can make an offer before you receive formal loan approval and the inspection reports, so long as you specify the offer is conditional on finance, the results of an upcoming inspection or any other matters still outstanding.

Being pre-qualified means a lender has decided you will likely be approved for a loan up to a certain amount, based on your current financial situation. It does not mean you have been approved for a home loan.

You can get prequalified in just a few minutes.

Pre-qualifying is just the first step. It gives you an idea of how large a loan you'll likely qualify for. Pre-approval is the second step, a conditional commitment to actually grant you the mortgage.

You will need to supply the following documentation to get prequalified:

• Proof of Identification
• Proof of Employment and Income
• Proof of Savings
• Proof of Current Debts
• Proof of Assets
• A Completed Application form

Applying as a couple doesn’t impact if you can prequalify for a loan. If there are more than two borrowers, please call us on 13 10 90.

Getting prequalified does not impact your credit score.

You can save yourself a lot of time and heartache if you pre-qualify for a loan before bidding on a home. It helps you negotiate better and shows your realtor or seller that you are serious about buying a home.

Now you have made an offer and had it accepted either at auction or through a private sale, you can start an application online.

You can apply to prequalify with loans.com.au in just a few minutes by visiting our website and providing:

• your name and contact details
• income, expenses and liabilitie
• details of the property you've found, or,
• the type of property you hope to buy

Once you have pre-qualified you will know what you can offer a seller or what you can bid at auction. This means you can avoid wasting time looking at properties in the wrong price range and that you can bid with confidence.

Prequalification is valid for three months.

After you’ve prequalified and have found a property you’d like to purchase, the next step is arranging your loan approval.

Yes, you can prequalify for a loan if you’re self employed.

Prequalification is a quick and easy online process that gives you an estimate of your borrowing capacity. Preapproval is a longer process that requires documentation and a credit check and tells you what you can actually borrow.