Get Fast Loan Pre-Approvals in Melbourne – Apply Now
Take the guesswork out of property buying
Know your budget
Understand how much you can borrow, so you can focus on the right properties.
Be a confident buyer
Sellers and agents take pre-approved buyers seriously.
Streamline the process
With your finances in order, you’re ready to act when the time is right
Your pre-approval questions answered
What does pre-approval mean?
Pre-approval is when a lender evaluates your financial situation and gives you a conditional estimate of how much you can borrow to buy a property. It’s not a guarantee of a loan but an indication that, based on your current circumstances, you meet the criteria to borrow up to a certain amount.
What are the benefits of a home loan pre-approval?
- Clear budget: You’ll know exactly how much you can afford to spend on a property.
- Confidence in negotiations: Sellers and agents often take buyers with pre-approval more seriously.
- Faster decision-making: You can act quickly when you find a property you love.
- Save time: Focus your search on homes within your price range.
- Avoid disappointment: You won’t waste time looking at properties that exceed your borrowing capacity.
When should you apply for pre-approval?
Apply for pre-approval before you start seriously house hunting or bidding at auctions. It’s particularly important if you’re entering a competitive market where quick decisions are crucial.
What is involved in gaining a pre-approval?
- Providing documentation: Such as proof of income, expenses, debts, and savings.
- Completing an application: A lender will assess your financial situation and credit history.
- Conditional approval: If approved, the lender will issue a pre-approval letter outlining the amount you can borrow.
How long does pre-approval take?
The timeframe varies but usually takes 1–5 business days if you have all your documents in order. Some lenders offer same-day approvals for straightforward applications.
There are a few key factors that determine how long your mortgage pre-approval takes:
- Your financial documents: The sooner you provide us with all the necessary paperwork, the faster your pre-approval process will take.
- Credit history: If there are any issues or errors with your credit report, it could take extra time to resolve them before moving forward.
- Complex finances: If you have multiple sources of income, are self-employed or have existing debt, it may take a little longer to assess everything.
Can you bid on a property if you have a loan pre-approval?
Yes, you can bid at auctions or make offers on properties with pre-approval. However, remember that it’s conditional, and the lender will still need to assess the property and finalise the loan before settlement. Always check the conditions outlined in your pre-approval.
Do you need your property finalised when applying for a pre-approval?
No, you don’t need to have a specific property in mind. Pre-approval is designed to give you a borrowing range so you can confidently search for properties. Once you’ve found the property, the lender will need to assess it as part of the final loan approval.
Can I get pre-approved with more than one lender?
While it’s possible, we recommend working with a professional to compare lenders beforehand to avoid multiple credit checks, which can impact your credit score.
What happens if my financial situation changes after pre-approval?
If your income, expenses, or debts change, it’s important to notify your lender, as it may affect your borrowing capacity or the validity of your pre-approval.
Can I still be declined for a loan after getting pre-approved?
Yes, factors like changes in your financial situation, issues with the property, or market conditions could lead to a decline at the final approval stage.
Why work with us?
Honesty & Transparency
You can rely on us to be clear and upfront about the possibilities when it comes to your loan.
Expert Guidance
Lend & Co has helped hundreds of clients in Melbourne and beyond to secure their next property.
Australian Credit Licence
Holding a licence gives us better access to banks and their products, plus greater flexibility to identify the right loan for you.
Here’s what our clients say
I strongly recommend this service. We been closely working with Himanshu for long time and his service always brought out the best outcome in professional manner. Himanshu always been finding best solution for the situation and communicate throughly and aimed higher to active the outcome best suit the finacial situation. We value and appreciate him and his team working hard to get the best outcome for our financial situations and looking forward for further assistance in future.
Big thank you
Good lending advise, after weighing in my situation and going through different lenders and picking up the best suitable lender apt to my situation. I Recommend them especially Himanshu, he has got enough experience to understand and process different situations.
Himanshu Batra did an exceptional job as always. Can not fault his service and it made everything smooth and easy for us. Highly recommend
Ready to take the next step in your property journey?
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