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 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.
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 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.