What is Approval in Principle?disclaimer
Approval in Principle is also often referred to as pre-approval or conditional approval. It is an obligation-free way to estimate what you could afford to borrow from a lender before you make an offer on a property.
Getting an Approval in Principle will help you:
- Know how much you could afford to borrow
- Plan your budget
- Be confident to make an offer
- Be seen by agents as a serious buyer
When should I apply?
It's a good idea to apply for Approval in Principledisclaimer when you have done some research and have an idea of how much you could borrow. Before applying, you could also review our home loans on offer and which home loan may suit your needs.
You can begin the application process before you start looking for a specific property or when you have found the home you want to buy. It's important to remember that getting Approval in Principle too early could mean that you have to repeat the process again.
How do I apply for Approval in Principle?disclaimer
When you apply for approval in principle, we will complete a credit check and and we will ask you for things like your identity, expenses, employment and income. You'll also need to let us know the price range of the property you want and how much you have saved for a deposit.
Please note, however, that Approval in Principle gives you an indication of how much you could borrow, not a guarantee that we'll lend you the funds. Once you've found the right property, please speak to us about progressing to full approval for your loan.
Send us an enquiry to get started on Approval in Principle.