A pre-approval generally uses the same application form as a full approval, however the lender will not require evidence of your income and saving history at this stage.
Once you have found the right home, the pre-approval is converted to a full approval by submitting various documentation requested by the lender (such as payslips, bank statements etc) and completion of a valuation on the property.
Many lenders will issue pre-approvals quite freely, but it is important to remember that a pre-approval is not a binding agreement. The lender is under no obligation to honour the pre-approval. To ensure your pre-approval is more likely to be honoured, it is important that all relevant information is provided upfront so there are no surprises when you submit your full documentation.
Equita Financial can help you through the process from start to finish and ensure you have the best chance of not only receiving your pre-approval, but also getting to full approval when the time comes.
