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!
If you enjoy this episode, do give us a like, share it with others who you know will benefit from the show and subscribe to the podcast! We have loads of resources available and if you'd like to talk with us directly, send us an email at [email protected]!
See you on the inside!
Episode Highlights:
• 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]
Links from the Show:
Learn how to price property!
Visit ProSolution to find out how they can help in your property journey!
• The Pros and Cons of Buying Property without a Pre-Approval
About our Guest:
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.
If you enjoyed today's podcast, don't forget to subscribe, rate and share the show! There's more to come, so we hope to have you along with us on this journey!
How ready are you to buy your first home?

Veronica Morgan & Meighan Wells 

Veronica & Meighan are both licensed real estate agents who exclusively help buyers. Together they have nearly 40 years experience as property professionals.

Veronica is principal of Sydney based Good Deeds Property Buyers and is also co-host of The Elephant in the Room property podcast as well as Location Location Location Australia on Foxtel and author of Auction Ready: how to buy property at auction even though you're scared s#!tless!

Meighan is the multi award winning principal of Brisbane based Property Pursuit, chairperson of the REIQ Buyers Agent Chapter & a regular media commentator.

We are here to guide you through your home buying journey

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