It's usually best to get approval in principle from a broker before you start getting serious about house-hunting. This will mean by already having a loan already approved (usually subject to a valuation of the property you buy) means you will know how much you can afford to pay for a home.
It also lets you make a quick purchase decision – which may be a useful negotiating tool with the owner or agent, or at auction time.
How long does a loan approval take?
Ultimately this depends on the borrower, lender and type of loan.
However, the average loan can usually be approved in 48-72 hours after your mortgage broker submits your completed application, including all paperwork.
Can I change my mind?
If you’ve had a home loan approved through one of our mortgage brokers, and you decide not to go ahead with a purchase, you may incur a cancellation fee.
If you’re not sure you want to purchase a home, or you would like to cancel an existing application, talk to a Choice Mortgage Broker to discuss your options.
Contact a Choice Home Loans broker
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