Browse Forums Home Finance Re: Pre-approval - what good is it? 5Jan 28, 2010 8:19 pm Built a Tribeca 44 with the Big M Sales Accept 15/06/09, Contract Signed 24/09/09, Site Start 23/11/09, Slab 11/12/09, Frame 12/01/10, Roof 20/01/10, Lock-up 30/03/10, Fixing 30/04/10, Handover 27/08/10. Re: Pre-approval - what good is it? 7Jan 29, 2010 8:13 am Current status: Busy making the house our home Built PD Francis 29 on our 576m2 block at Reflections in Tarneit Reflections Estate Thread Our Build Thread Re: Pre-approval - what good is it? 20Mar 12, 2010 12:02 am Not all pre-approvals are useless. It depends on the lender you use. For example some lenders we use, such as Bankwest, only electronically assess pre-approval applications. An assessor doesn't even look at the supporting documents. This type of pre-approval is not worth the paper it is printed on. Some other lenders such as CBA will fully assess a pre-approval application (through the broker channel anyway). Even if the loan is subject to mortgage insurance a CBA pre-approval is strong since CBA have a delegated underwriting authority to approve most loans of up to $1M on behalf of LMI. Cheers Patrick O'Brien 1 3051 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3205 We've had the offer of a short term tenant whilst waiting for CDC/DA home approval and demolition for our knock down rebuild. It would achieve a pretty low rent as it's… 0 13837 |