Pre-Qualify

Get Pre-Approved for a home loan

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Please fill in your details below for a Pre-Approval. Average time of a Pre-approval is 12 hours.

I hereby give permission to Thusanong Property Solutions to forward my details to a Bond consultant to continue the pre-qualification process.

Pre-Approval Process

  1. Gather necessary documents: Buyers need to gather the required documents to support their loan application. These documents commonly include proof of identity (such as an ID or passport), proof of residence, proof of income (payslips or bank statements), and bank statements for the past three to six months.
  2. Research and select a lender: Buyers should research different lenders and loan products to find the one that best suits their needs. It's advisable to compare interest rates, fees, repayment terms, and eligibility criteria.
  3. Submit the application: Buyers need to complete a loan application form provided by the chosen lender. They must accurately provide personal and financial information, including details about their income, expenses, assets, and liabilities.
  4. Credit check and assessment: The lender will conduct a credit check through credit bureaus such as TransUnion, Experian, or Compuscan. They assess the buyer's credit history, credit score, and existing debts to determine their creditworthiness.
  5. Verification and validation: The lender will verify the buyer's employment details and income by contacting their employer and reviewing supporting documents. They may also verify the buyer's residential address and conduct any necessary background checks.
  6. Evaluation and pre-approval: Based on the buyer's financial information and creditworthiness, the lender evaluates the loan application and determines the maximum loan amount for which the buyer is pre-approved. The lender may issue a pre-approval letter, indicating the approved loan amount and any conditions or contingencies.
  7. Property evaluation: If the buyer has a specific property in mind, the lender may require a property valuation to determine its market value. This valuation helps the lender ensure that the property is suitable collateral for the loan.
  8. Final approval and formal application: Pre-approval is not the final loan approval. Once the buyer finds a suitable property, they need to formally apply for the loan, which involves providing additional documentation related to the property, such as a copy of the offer to purchase and the property valuation report.
  9. Underwriting and final loan approval: The lender conducts a thorough assessment of the buyer's financials, the property, and any other relevant factors. This process, known as underwriting, involves a detailed analysis of the buyer's ability to repay the loan. If the underwriting process is successful, the lender provides final loan approval, subject to any specific conditions or requirements.