What is pre-approval?
Often referred to as “conditional approval” or “approval in principle” is the most sensible approach to Australian home lending.
Pre-approval means the lender has fully assessed your income and determined your eligibility for a loan. Its completely free to apply and you’re not locked into any product or rate- that can be determined once you’ve purchased.
How it will help you:
Know what the bank is prepared to lend
To work within a budget
Make an offer with confidence
Lets realtors know you're completely serious when making an offer
Most lenders provide pre-approval for a period of up to 90 days but generally as long as your financial circumstances don’t change, can often be extended.
The key requirement for pre-approval is getting together the loan eligibility requirements listed below.
Australian citizens living outside of Aus can still easily obtain an Australian home loan-but there’s a few things you need to be aware of :
2017 banking policies have significantly changed for Aussie expats but the good news is Aussie banks are still lending
Banks have varying assessment policies for Australian Citizens
In short, as a Singapore-based Australia property owner, loans that can be easily approved at one lender may not meet servicing criteria at another
Aussie PR & NZ Citizens
Aus PR & NZ Citizens living outside of Aus have similar requirements as citizen’s although:
Banks will need to see evidence of your Australian PR visa is indefinite with no restrictions
Banks have varying assessment policies for Australian PR’s & NZ citizens
In short, as a Singapore-based Australia property owner, you’re likely an exception case to both Australian banks