Before you start making offers, get a clearer indication of your borrowing position. FI Collective helps you understand the pre-approval process and prepare your application.
Pre-approval is a lender’s conditional indication of the amount it may be prepared to lend. It can help you focus your search, but it is not final approval or a guarantee of finance for a particular property.
The lender may need to verify information, assess the property and check that your circumstances have not changed. We’ll explain the conditions attached to your pre-approval and what comes next.
Review your circumstances and potential borrowing capacity.
Help prepare the documents required by the lender.
Explain conditions, expiry dates and next steps once you find a property.
Pre-approval can help you focus your property search by providing an indication of what a lender may be willing to lend. Combined with your deposit and purchase costs, it can help you establish a realistic price range.
It’s important to understand the conditions attached. The lender still needs to accept the property you choose and confirm that your financial position meets its requirements. Changes to your income, spending or debts could affect the outcome.
FI Collective helps you prepare your application, understand any outstanding conditions and plan your next steps, so you can approach your property search with greater clarity.
Pre-approval gives you a lender’s conditional indication of what you can borrow, so you can make offers with confidence. Once you have found a property, the lender verifies your information, values the property and confirms your circumstances have not changed before issuing formal approval. We manage that process and keep you updated at each stage.
Most pre-approvals are valid for three to six months, although this varies between lenders. We will confirm your expiry date upfront and, if your property search runs longer, arrange a renewal with updated information.Pre-approval gives you a lender’s conditional indication of what you can borrow, so you can make offers with confidence. Once you have found a property, the lender verifies your information, values the property and confirms your circumstances have not changed before issuing formal approval. We manage that process and keep you updated at each stage.
Lenders generally require identification, evidence of income, details of your savings and deposit, and information about your expenses and existing debts. This may include payslips, bank statements and loan or credit card statements. If you’re self-employed, additional financial records may be needed. We’ll explain what’s required for your circumstances and chosen lender.
Yes. Pre-approval is based on the financial information assessed by the lender. Changing employment, taking on new debt or increasing your credit limits may affect your borrowing position and require reassessment. Let your broker know about any changes before relying on your pre-approval for a purchase.
Not sure where to start? Tell us what you’re planning, and our team will help you understand your finance options and what comes next.
