{"id":43652,"date":"2020-10-15T09:48:59","date_gmt":"2020-10-14T23:48:59","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/?p=43652"},"modified":"2020-10-15T09:48:59","modified_gmt":"2020-10-14T23:48:59","slug":"nows-the-time-to-be-armed-with-a-pre-approval","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/nows-the-time-to-be-armed-with-a-pre-approval\/","title":{"rendered":"Now’s the time to be armed with a pre-approval"},"content":{"rendered":"

As recently as a couple of years ago, a Pre-Approval took an hour with the bank manager. A few questions, a few calculations, and shopping we could go.<\/p>\n

That was before the Royal Commission, and constant tightening that has occurred under responsible lending laws. With the announcement
\nof a relaxation of those laws due to come into effect around March next year, many have breathed a sigh of relief that the good old days may be on their way back.<\/p>\n

Unfortunately that\u2019s unlikely, as the responsible lending laws have been identified as a duplication of other regulatory controls. Whilst hopefully
\nthe \u201cloosening\u201d will lessen burdensome assessment timeframes that can be as long as six weeks currently, lenders still have rigorous rules, processes and investigative means to ensure loan affordability.<\/p>\n

It\u2019s the assessment timeframes that are currently causing the most angst for would-be buyers. Despite any confidence in a positive outcome,
\nwaiting two to three weeks after contract signing for an approval creates sleepless nights for all parties involved as finance clauses loom.
\nAnd the Surf Coast market is as hot as its been in some years. There\u2019s very little stock, a shortage of rentals, and a herd of would-be Melbourne buyers waiting for the gates to open.<\/p>\n

If ever there was a time to be ready with a Pre-Approval, now is it. The fact that vendors are accepting of extended finance clauses is a tribute
\nto the education that agents provide their vendors. But an unconditional offer is like presenting a golden egg to a vendor. It will trump any conditional offer.<\/p>\n

A true Pre-Approval for a loan is a fully assessed application, pending a suitable property purchase. Regardless of previous history with a lender and size of deposit, any new lending will require a full credit assessment before there\u2019s confidence that the bank will come to the party come settlement day. Don\u2019t be fooled by anything less than a full assessment. Too many variables once under the assessor\u2019s microscope can bring it all undone.<\/p>\n

Here\u2019s our simple checklist for being prepared:<\/p>\n

\u2022 Current photo ID with correct details (including addresses) ready to go<\/p>\n

\u2022 Year to date income on latest payslips PLUS 2020 income statements, OR past two years full business financials and tax returns, showing consistency of income, or<\/p>\n

\u2022 Clear loan statements for all liabilities including business related<\/p>\n

\u2022 Clear bank statements verifying deposit, as well as income and expenses<\/p>\n

Being prepared enables \u201cbest of breed\u201d lender selection. Best of breed right now includes amazing rates, and fast turnaround times. Anything less is a compromise, and a tougher pathway to \u201cunconditional approval\u201d.<\/p>\n

For more tips and advice, contact Lanie Conquest or Nicola Tucker at Surf Coast Finance. Head to surfcoastfinance.com.au<\/a> for more.<\/p>\n","protected":false},"excerpt":{"rendered":"

As recently as a couple of years ago, a Pre-Approval took an hour with the bank manager. A few questions, a few calculations, and shopping we could go. That was before the Royal Commission, and constant tightening that has occurred under responsible lending laws. With the announcement of a relaxation of those laws due to […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":149,"featured_media":41435,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-43652","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nNow's the time to be armed with a pre-approval - Surf Coast Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/surfcoasttimes\/real-estate\/nows-the-time-to-be-armed-with-a-pre-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Now's the time to be armed with a pre-approval - Surf Coast Times\" \/>\n<meta property=\"og:description\" content=\"As recently as a couple of years ago, a Pre-Approval took an hour with the bank manager. 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