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Sydney’s Mortgage Pre-approval: A Key To Profitable Homebuying – Whether you’re looking at an apartment or a house in Sydney, buying a home requires a lot of planning. It’s one of the biggest financial commitments you’ll ever make, and your home loan will likely be one of the biggest debts you’ll ever take on.
It’s important to find the right home loan for your situation to save money in the long run and gain features that make your loan easier to manage and pay off faster.
Sydney’s Mortgage Pre-approval: A Key To Profitable Homebuying
We work with home and business owners and home loan lenders to get you the right home loan. With more than 40 lenders to choose from, we compare interest rates and terms for each customer and present the options in a clear and easy-to-understand way.
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We compare like for like – taking the confusion out of comparing home loan interest rates, policy and loan requirements.
Once you have chosen the lender you would like to go with, we take care of all the necessary administrative tasks, which include the documents, the application process and the final settlement.
Mint Equity is a multi-award winning mortgage broker with our executives building established careers in Sydney. Understanding the Sydney property market, competition, lender restrictions and hotspots means we can provide our clients with insight into how best to position their mortgage application for the best chance of approval.
Our services are free as the lender pays us after the loan is settled.
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We provide flexible options for our clients, whether it’s face-to-face meetings in your home, office or coffee shop, via email or over the phone. Our priority is to make the financial process easier for our clients, so we will work around your commitments to find time to chat.
It’s a regular feature in the news, the Sydney property market is certainly hot and securing a home loan in Sydney under the spotlight of policy and lender changes can be tricky.
Buyers should avoid high-risk suburbs where there is an oversupply of housing, especially where several banks have placed lending restrictions on certain postcodes. High-risk suburbs can require deposits of up to 30% from borrowers, so it’s important to speak to a Sydney home loan broker before starting your property search.
We work with buyers to identify potential issues with their home loan application, whether it’s their borrowing capacity, credit history or property valuation to ensure a better chance of approval.
How To Buy Property In Sydney
With over 40 different lenders to choose from, with 100 different products, comparing is made easy with Mint Equity. We narrow down the options for you, so you don’t have to worry if you miss out on a lot.
The most important thing is to compare like with like – which is where we come in. We connect with every lender and get their latest updates daily, so you know exactly which home loan will suit your requirements.
We are accredited with major banks and multiple second tier lenders to give you a variety of options to suit your immediate and future needs. Each has different application requirements, ever-changing policy and risk appetites, so it pays to work with an experienced mortgage broker to find the right fit.
After dealing with several banks I called Zach and it was the best thing I could do. Great service, he answered all missed calls immediately, gave me good advice, is super enthusiastic and made me feel like a valued customer. Don’t think I’ll be going straight to the bank again.
Which Documents Do I Need To Get Home Loan Pre Approval?
Mint Equity will research all the home loan options for you, the best rates, terms, splits, equity options and what you will need to prepare to get your loan approved.
Send us your payment slips and supporting documentation and we’ll prepare all the forms you need to review and sign to submit your application.
We will deal directly with the financial institution for you and submit your application. We will keep you informed every step of the way.
Once you pre-approve your finances, you know exactly what you can spend. Say goodbye to your Saturdays, now you need to find your perfect mat.
Common Mistakes People Make When Getting A Mortgage
Once your offer has been accepted, you normally have five (5) business days* from signing the Sales Agreement and paying the 0.25% deposit to receive unconditional approval for your loan.
Unconditional approval means the bank is committed. Tell us right away that you have signed the sales contract and we will get unconditional approval to move.
Now that you have unconditional approval (and not before!) – you can now pay the remaining 9.75% deposit.
We make sure all the real people are talking to each other, lenders, lawyers, estate agents, builders. Now you get the keys to your new home.
What Documents You Need For A Home Loan Application
* The cooling off period is usually only 5 working days, but in certain circumstances you can extend this.
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First home buyers in NSW will soon be able to choose between two taxation options when you buy a house; one-off stamp duty or current annual property tax.
We do not charge fees for our services as we are paid by the lender you choose once the loan is settled.
We can arrange appointments 7 days a week at a time that suits you and at your preferred location. You can call us on 1300 00 MINT (1300 006 468).
Our headquarters are located on the Central Coast, however we have been able to service all parts of Australia and for clients living overseas.
Pre Approval For A Mortgage: What You Need To Know
If you’re overseas or don’t live in Sydney or the Central Coast, we can still help you. The digital age has greatly helped the financial industry and by using telephone, email, Skype and ID check points (such as banks and Australia Post), we can provide our services to those outside the Central Coast area.
We have access to over 40 lenders, including major Tier 4 and Tier 2 lenders, who provide us with 100 products to suit our customers’ needs.
If you’re not sure if your current bank is giving you the best home loan option, give us a call. We can evaluate their offer and let you know if there is anything better than other lenders.
Depending on the lender you choose, in some cases we can get you pre-approved within 24 hours. Many lenders have an auto-approval system that allows us to turn around pre-approved home loans very quickly. However, we would always recommend allowing up to 5 working days to ensure you have enough time to provide all the documentation we will need to submit your loan.
How Long Does Pre Approval Last?
While it’s not ideal to exchange contracts before finance is approved, we know that some properties are hard to resist. In those cases, we are able to prioritize and escalate your application through the lender. We have an excellent relationship with our panel of lenders and can help us get immediate approval. While buying a new home is an exciting experience, it can also prove very stressful, especially if you are competing for your dream home against many other potential buyers.
Fortunately, there are ways to get ahead of the pack and increase your chances of securing that dream property—and it all starts with getting pre-approved for a loan.
A loan pre-approval provides you with a conditional approval of the loan amount. Generally, it is based on an assessment of your individual circumstances, needs and ability to repay the loan.
A loan pre-approval will give you some clarity around the amount you can borrow and therefore what you might be able to spend on a property. As a result, it will prevent you from looking at properties that are far out of your price range.
Sydney Home Loans
Furthermore, a loan pre-approval will put you in a stronger position to negotiate with a seller or bid at auction.
It is important to keep in mind that pre-approvals are usually a limited time offer usually for a period of three to six months, depending on the lender.
As a home buyer, you generally need a deposit of at least 5% of the purchase price, plus upfront costs. You’ll also need to show evidence of a real savings plan, such as bank statements that illustrate a savings strategy for at least three and up to six consecutive months. Thankfully, some lenders now consider rent payments as proof of real savings.
Gather evidence of your employment, income, assets, liabilities and expenses. You will also need to provide your driver’s license or other ID, recent payslips, tax returns and bank statements. Having everything at your fingertips will streamline this process. If you did
Tips For Immigrants When Applying For A Mortgage In Australia
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