Browse Forums General Discussion 1 Jul 10, 2019 8:01 pm Hi all, I am purchasing land and building. the land is going to be registered only in Feb-Mar, 2020. as of now i just need to pay only 5% for the land and there is no need to secure a loan now. My mortgage broker says that its still better to go to the bank and get a preapproval in place, just to safeguard against any policy changes or so that the bank may bring later. Is that true? is there any advantage or disadvantage to go for the preapproval now instead of going for it in jan, 2020. thanks Sreenith Re: Home loan pre-approval 2Sep 06, 2019 9:43 am Hi Sreenithk - getting a Pre Approval now is a good idea - personally for me, it's peace of mind that 1) you can obtain a loan and 2) you at least have an idea of what your lending capacity is. Since your land is registering in Feb-March of next year, i'm assuming you are starting to do your homework now and are looking at your options of builders and with that comes costs etc etc. Wouldn't you want to know how much you can afford whilst doing your research? Pre Approvals generally are valid for 3 months. When you are ready to apply for finance, you already have an idea of the process and can sort out what paperwork you need to submit to the bank. The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19112 We already paid for somfy motors for the blinds. The quote above was purely for “pre-wiring” so the blinds company can install the motors and blinds. That’s why we… 5 16288 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35330 |