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What is 'pre-approval'?


A pre-approval allows you to apply for a loan and have the lender make an initial assessment on your financial position. Whilst it is not a full approval, the lender will consider most aspects of your application including your income, equity, savings history, employment status and credit history. The biggest advantage of a pre-approval is that you have the confidence to bid at auction and you are more aware of your lending position when negotiating through the purchase process. It also means that the ball is already rolling so you are more likely to meet a shorter settlement time and have less stress through the approval process. The application process is straightforward and requires only a few simple forms to be completed. In some cases, your pre-approval may only take a matter of minutes from the time it is submitted.