Some of your Questions:
Q.7. What is a pre-approval or conditional approval?
A pre-approval is an approval that is given confirming that you can afford the loan based on your current circumstances. It is subject to conditions, for example, acceptable security or verification of income. It is not binding on the lender who provides the pre-approval and is usually given before you find a property or before formal approval.
BEWARE there are some lenders/banks that will give you pre-approval on the spot. These are merely computer generated decisions that do not check anything. At Home Loans Fast, we make sure we get a pre-approval that is looked at by a human being (a credit assessor) - so there are no surprises later when it comes time to buying.
More Questions of yours:
- 1. What is LVR?
- 2. What is Lenders mortgage insurance (LMI)?
- 3. What is the difference between a fixed rate loan and a variable rate loan?
- 4. What is a Comparison Rate?
- 5. What is the difference between a ‘Principal and Interest’ repayment and an 'Interest-only' repayment on Home Loans?
- 6. What deposit do I need when taking out a loan?
- 7. What is a pre-approval or conditional approval?
- 8. How long does it take to get pre-approval?
- 9. How long does a pre-approval last?
- 10. What is stamp duty? How much do I have to pay?
- 11. How much can I borrow?
- 12. Can I pay out my home loan at any time?
- 13. Extra Repayment Part 1 - What is an offset account? How does an offset account work?
- 14. Extra Repayment Part 2 - What is redraw?
- 15. What is Equity?