Pre Approved Loans
Looking for peace of mind in your home loan search
If you're in the market for a new home, securing a pre-approved home loan could be your key to a smoother and more confident home buying journey.
Start your search with a pre-approved home loan!
At Finance Brokers Tasmania, we understand that buying a home can be confusing. Often, people will start their property search by attending open homes, chatting to agents, making offers, and then organising their home loan. Applying and being accepted for a pre-approval is a great first step in your property search.
What is a pre-approval?
A pre-approved home loan, also known as indicative approval, approval-in-principle, or conditional approval, indicates how much you may be able to borrow for a home purchase. provides you with a clear understanding of your budget and helps streamline your property search.
Benefits of a Pre-Approved Home Loan
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Clarity and Confidence: Knowing your borrowing capacity upfront empowers you to narrow down your property search to homes within your budget, saving you time and effort.
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Competitive Advantage: When you make an offer on a property with a pre-approved loan, agents and sellers are more likely to take you seriously, giving you an edge over other potential buyers.
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Once you've found your dream home, finalising the loan process becomes quicker and smoother since much of the groundwork has already been completed during the pre-approval stage.
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Budgeting Made Easy: With a pre-approved loan, you have a clear understanding of your financial commitments, allowing you to plan your budget more effectively.
Want to know how much you can borrow?
Not sure how much you can borrow? Check out our borrowing power calculator to give you an idea. Remember it's only an indicative result. Make an appointment with one of our experienced mortgage brokers today and complete a full application.
How Does a Pre-Approval Work?
Complete a full assessment
A full assessment will include:
- Completing a credit check to evaluate your credit worthiness.
- Verify your income.
- Look at your living expenses.
- Find out information on your existing liabilities including personal loans, credit cards, vehicle loans, HECS debts and 'buy now, pay later' accounts.
- Look at your savings history and the amount of your deposit.
Start your property search!
With a pre-approval, you now have a realistic budget and price range for your search. Not only that, but the real estate agent and seller will know that you are a serious buyer.
Get ready to negotiate.
You know your budget so you can start negotiating with confidence. Never sign an unconditional contract. A pre-approval is the best indication you have that your loan will be approved but it is not a guaranteed approval. You will need to make sure that your dream home meets the lender's criteria and valuation before your loan will go unconditional.
Get ready to move in.
Having a pre-approval can lead to a faster closing time as most of the hard work is already done. All you have left to do is decide where the couch will go!
To find out more about the ins and outs of a pre-approval, check out our blog The Advantages of Applying for Pre-Approval.
