Whenever you are thinking about buying a property one of the first things to consider, and to arrange, is finance. Most of us will need a mortgage to finance a purchase.

The first step is to find out how much you can afford. We have access to the actual calculators that the banks use, so we can give you a good idea about how much they will lend you.

After that we need to make sure that the bank agrees with our estimations. To do that there are two types of approval that we seek.

Pre-Approval

A Pre-Approval is where we go through the full application process with the bank and get them to provide an offer based on them being happy with the property you eventually find. It is an approval where you have not found a property yet and gives you confidence to offer a purchaser an amount up to the level the bank has pre-approved.

A Pre-Approval is the first thing you should arrange BEFORE you start looking for a property as it provides clear guidelines for the maximum amount you can spend and ticks off many of the conditions the bank needs satisfied.

Conditional Approval

The approval is one step above a Pre-Approval. It is where the bank is happy (in principle) with the property you have found but there are still some items to be satisfied. These conditions can be a number of different things but may include a Valuation, proof of deposit or sort-term debts to be repaid (as examples).

Unconditional Approval

This approval type is one where we have satisfied all the banks conditions in regard to funding for a specific property. It is ultimately where every successful loan application ends up and is also very important to have is you are thinking about bidding at an Auction. Winning an Auction means that you are committed to buying the property.

If you are starting the search for property, then the very least you should get is a Pre-Approval.

We can help arrange this for you and guide you through the steps needed to turn this into an Unconditional Approval