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Mortgage pre-qualification is an evaluation by a mortgage broker that determines if you would qualify for a home loan. It also shows how much you can borrow. Getting pre-qualified is the first step towards getting a mortgage, but it does not guarantee a loan.
Mortgage pre-approval involves the same steps as being pre-qualified, but an application is submitted to a lender. They assess the application and confirm the loan amount and terms. Getting pre-approved does not guarantee a loan but you have been assessed by the lenders credit team. They will still want to value the property you are purchasing and check your income and savings again when you find the property to buy.
You will need to provide your personal information such as name, date of birth, etc. and financial details such as savings and bank statements. Identification such as Birth Certificate, Passport and drivers licence. Your mortgage broker will assist you and confirm the minimum you will need to apply for a loan. Income information such as payslips, PAYG Payment Summary if you are an employee or tax returns if you are self-employed or own a company will also be needed. Your mortgage broker will be able to give you guidance on the requirements after your first discussion. A typical list of items you need you can see here (link to loan checklist)
After you have provided your documents your mortgage broker will prepare your application for you to sign. This can be done in person or emailed to you for your signature. Once you return your signed forms your loan application will be submitted to your chosen lender and it will go into the queue to be assessed. This can take anywhere from a few days to a couple of weeks depending on the lender and the time of year. Your mortgage broker will be able to advise you on the current service levels of the lenders so you are informed of the current timeframes.
You can start shopping for a home or investment property. When you have signed a contract or made an offer let you mortgage broker know and they will go through the loan details again with you and then request a formal approval from the lender. The contract to purchase and any other documents need are submitted to the lender for formal approval.
Once you have received your formal approval from your mortgage broker the bank will prepare loan documents with mortgages for you to sign. It’s very important to go through these with your mortgage broker. You need to sign originals. At this point you will also need a Conveyancer to assist you settlement of the property. Your mortgage broker will guide you through this as well.