Your Bank May Not Be the Best Lender for You

Sunshine Coast Daily (Maroochydore, Australia), November 16, 2013 | Go to article overview

Your Bank May Not Be the Best Lender for You


WITH property auctions and clearance rates spiking in nearly every state, the battle for homeowners has never been as heated between cashed-up investors and first-home buyers, says mortgage broker, Carol King.

Ms King said if a first-home buyer was going to bid at an auction it would be a massive benefit to have a pre-approved home loan so they could compete with investors bidding confidently with equity.

"Pre-approval gives a purchaser the confidence to know exactly what their limits are and what going above their target price range will do to their repayments," she said.

"Buyers who go into an auction or a private treaty arrangement without pre-approval are playing Russian roulette with their finances."

Ms King said potential buyers needed to make sure they were getting the right type of pre-approval, one that was granted after a full assessment of their credit situation.

"Many potential buyers mistakenly think they have been approved for a home loan after filling out a simple online form and that's a dangerous situation because a buyer could mistakenly bid beyond what a bank will actually lend them after fully assessing their finances," she said.

A proper pre-approval takes into account a borrower's income, outstanding debts and past credit history as well as mortgage insurance approval if the loan to property value ratio is above 80%. …

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