Summer is here, and summer means a hotter real estate market. If you are thinking of buying your next new property, it is advisable to get pre-approved for a loan first. This will not only save you time when looking for a property, but it will also prevent you from having to pay for it at auction.
So, here in this post, you will briefly learn about property deposit loans in Melbourne in detail with the help of professionals.
How long does pre-approval take?
The turnaround time for pre-approval varies with each lender from the time the application is submitted. Check with your broker for the expected timeframe for your preferred lender. Providing professionals who can guide you with property deposit loans in Melbourne with the right documents in advance will help you get a quick turnaround.
Follow these three simple steps to get pre-approved for a loan:
Collect your documents
- Identity document
- Proof of income and savings
- Evidence of living costs and other expenses
- Proof of current assets and liabilities
Discuss with the professional team to find out
- The amount you can borrow
- Down Payment
- Monthly repayments
- Whether you are eligible for government grants and concessions
- Submit a pre-approval application to your lender.
The professionals who can guide you with property deposit loans near Melbourne will fill out the form and do all the work for you
- The lender provides written approval.
- The pre-approval is valid for 3-6 months.
Contact the professional when you are ready to start looking for a new home or investment property and complete the pre-approval process as soon as possible.
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