Most first home buyers fall for a listing, then ring a bank to see if they can buy it. This 9-page guide flips that around: what a pre-approval is, what lenders actually check, and how to keep it valid while you look.
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Shopping without a pre-approval makes it hard. You can fall for a house you can't get, or miss one you could have had because you didn't know your limit.
For most first home buyers I talk to, the limit is borrowing power. The deposit usually matters less. A pre-approval tells you that number before you start going to open homes, and the listings make a lot more sense after that.
And if your own bank pre-approved you, that's one lender's view. Some lenders count overtime and shift allowances in full, some only count part of it, and some want two years of it on your payslips. If you're a nurse, a police officer or a tradie on penalty rates, that gap can move your price range.
JoeMascaro Finance, Shoalhaven
Joe is an absolute legend and i would definitely recommend him to anyone who is looking for some finance. Joe made the whole process so easy for me and my partner and got us a pre approval for a home loan super fast. Joe is a great bloke to deal with always happy to answer any questions and explains things very thoroughly. If i could give Joe 6 stars i would :)
Joe has been absolutely awesome throughout our entire experience of purchasing our first home! He is amazing to communicate with and has gone above and beyond to make this stressful time as easy as possible! I would definitely recommend Joe to anyone looking for an stress-free experience! :)
I would recommend Joe to anyone looking for finance. My partner and I recently got in touch with Joe for our first home loan, he made the whole process really easy for us, answered all of our questions and was very responsive and quick with communicating. We didn't expect to get our approval so fast the whole process was excellent! 10/10 from us! Thank you Joe!
We recently refinanced our home and consolidated our debts with Joe at Mascaro Finance, and he made the whole process so easy. What stood out most was that Joe wasn't just after the sale. He gave us honest advice ... He explained everything clearly and took the stress out of the whole thing. We'd definitely recommend Joe to anyone looking to refinance or get on top of their finances. Thanks Joe!
Dealing with Mascaro finance has been straight forward and stress free. Joe has always made himself available to answer any questions i have had and helped to guide me toward the decision that best meets my circumstances.
Can not recommend Joe enough his work ethic to get the best results is unmatched and his ability to not only explain every step of the process but also keep it as simple as possible is amazing.
My partner and I have refinanced through Joe a number of times over the years and we have always found Joe to be the upmost professional mortgage broker you could hope for. Joe has a great ability to put things in simple terms and makes all steps of the finance process incredibly easy. We would highly recommend Joe for all aspects of mortgage broking.
We had such a great experience refinancing our home loan through Mascaro Finance. The whole process was incredibly fast, easy, and completely stress-free. Joe explained everything clearly and gave us a few different options to choose from, which made it feel like we could pick what worked best for our situation. From start to finish it was smooth and painless, and we felt supported the entire way.
What it gives you, what it doesn't, and where it sits in the buying process.
Four reasons to get one before you start looking, including the problems it finds early.
The six things that decide your number, plus the documents to get ready.
Four steps with a broker. Your part is mostly the first two.
What to hold off on while you look, and what to keep doing until settlement.
Credit scores, expiry dates, bank pre-approvals and online calculators.
A lender looks at your income, debts and savings, then tells you in writing roughly how much they'd lend you, as long as the property checks out. You might also hear it called conditional approval or approval in principle.
No. Once your offer is accepted, the lender values that exact property. If it checks out, you get formal approval. Pre-approval is the step before.
When you're ready to make offers in the next few months. Most last about 90 days, so if you're 6 months or more away, I'd do a numbers check first and apply closer to the time.
Usually 90 days, sometimes up to 6 months, depending on the lender. It can be renewed, but the lender will re-check your payslips and statements.
Usually somewhere between a few days and two weeks, depending on the lender and how quickly your documents come in.
Photo ID, your last 2 payslips, your last tax return or income statement, 3 months of bank statements, statements for any loans and cards, and proof of your savings. Photos from your phone are fine.
Each application shows up as an enquiry on your credit file. A lot of them close together can look bad to lenders, which is why I work out the right lender before applying, so you apply once.
Not always. It's one lender's view of you. Another lender might treat your overtime or allowances differently, so a second look before you buy is worth it.
Often, yes. Lenders treat these very differently. Some are fine with casual work after a few months in the same job, some want longer. Matching you to the lender that fits how you're paid is the main thing I do.
No. If now isn't the right time, I'll tell you what to work on first and when it makes sense to come back.
Text me three things and I'll tell you roughly where you sit. If now isn't the right time to apply, I'll tell you what to work on first.
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