A lot of first home buyers assume that getting pre-approval won't be a problem - until it is.
In this episode, we're joined by Stuart Weymss, founder and director of ProSolution. We talk about the mortgage pre-approval process, why it's important for first home buyers to understand and we share tips on how to get started to make sure you're doing it right.
You don't want to find out that the bank won't actually give you as much money as you expected after you've already signed your life away for a property!
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See you on the inside!
• What exactly is a pre-approval? [03:05]
• This is what will happen if you apply for too many pre-approvals [06:36]
• Is owning a credit card beneficial for pre-approval? [07:36]
• The truth about why banks take so long to process applications [11:46]
• Do this before you buy property! [16:06]
• Do pre-approvals have time limits? [17:57]
• Why loan amounts vary per bank [19:38]
• Hecs debt & how it affects borrowing capacity [21:09]
• Is borrowing capacity an asset? [22:36]
• Does having pre-approval make you risk-free? [23:45]
• The risky business of buying in a hot market [26:42]
• Does pre-approval validity period cover the settlement date? [27:27]
• The risks of buying established versus off the plan properties [28:22]
• The BIGGEST mistake first home buyers make [29:57]
• The key to buying property in any market [32:53]
Stuart Weymss is the Director and founder of ProSolution, founded in 2002, and has over 20 years' of experience. He holds a Bachelor of Commerce, is a Chartered Accountant and holds many post graduate qualifications.
Stuart is licensed to provide credit, tax, insurance and financial advice. He has published four books including Rules of the Lending Game and best-selling, Investopoly. He is a regular contributor to The Australian newspaper and other TV, radio and print media.
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