First time buyers looking to purchase in 2012 know that it is important to obtain loan pre-approval, a recent survey has found.
The Mortgage Choice study found that two thirds of first time investors intending to buy before February 2013 would apply for loan pre-approval.
Acting head of corporate affairs, Belinda Williamson, said: “Our survey showed primed first homebuyers are making the wise choice to get their property finance pre-approved by a lender.
“Loan pre-approval provides a conditional approval of a loan amount and is usually based on an assessment of potential borrowers’ individual circumstances, needs and ability to repay the loan.”
However, not all lenders offer pre-approval, or individual assessments, and it pays to shop around, said Ms Williamson.
“If you are looking to purchase in the New Year, now is a good time get pre-approved so you don’t miss out on potential property purchases over the holiday period,” she said.