It’s easy to get carried away when you find your dream house on the internet or attend an auction where the adrenaline is pumping and you’re ready to bid!
The unfortunate reality is that most of us have budgets and unless you have a clear outline of what you can afford, you might find yourself trying to purchase something that’s out of your reach.
That’s why home loan pre-approvals are so important.
Whilst there are plenty of online applications out there offering ‘instant’ results, there’s no guarantee they are accurate and they don’t hold the same authority as approval from a lending institution.
Why not let your broker use their contacts and expertise to secure you an official, fast and low-rate pre-approval, so you can start spending with confidence!
If you have any questions about pre-approval or would like me to start organising yours today, feel free to talk to us today
How long does loan pre-approval take?
Loan pre-approval is typically the fastest stage of the mortgage process, usually completed within 2-5 business days when working with an experienced mortgage broker. Pre-approval involves an initial financial assessment where brokers review your income, expenses, assets, liabilities, and credit profile to determine your borrowing capacity and suitable loan products. Once you provide documentation—recent payslips, bank statements, tax returns, and identification—brokers submit pre-approval requests to selected lenders who conduct preliminary assessments without formal property valuations. Most lenders provide pre-approval decisions within 1-3 business days, though this can be faster for straightforward applications. Pre-approval gives you a concrete borrowing range, significantly strengthens your position when making offers on properties, and demonstrates to real estate agents and vendors that you’re a serious, financially-qualified buyer. While pre-approval isn’t a formal loan commitment, it represents substantial progress toward securing financing and provides confidence as you begin property searching. At Awesome Lending Solutions, we prioritise rapid pre-approval processing, recognising that first home buyers and investors need timely approval decisions to act decisively in competitive property markets.