C&G’s Guide to Finance and Pre-Approval

Melbourne’s property market is taking off, with more serious buyers entering the market each day. By preparing your finances in advance and obtaining a pre-approval from your lender, you’ll be in an excellent position to secure your dream home. So how does this work? This C&G blog will unpack everything you need to know about finance and pre-approval.

What is a home loan pre-approval?

When you decide to purchase a home, you can apply for a pre-approval from your lender. This means they have – in principle – agreed to providing you with funds to secure your purchase, but not the final approval for the home loan. However, you’ll have a clear budget to adhere to and can property search with more certainty.

What are the benefits to obtaining a pre-approval?

Attending the inspection for your dream home, and noticed a lot of interested parties? Unfortunately, there’s no way of knowing whether they will make an offer or are simply just having a browse. Having a home loan pre-approval under your belt means you can inspect and enquire with confidence! You’re showing the seller and agent that you’re a serious buyer who won’t waste their time. Likewise, if you’re participating in an auction, pre-approval means you can make informed decisions and know exactly how much you can afford to bid.

What is involved in the application process?

We recommend applying for pre-approval as the first step in your property journey. This often involves approaching your lender and requesting an application form. They will assess your financial circumstances, typically by looking at your salary, credit history, assets and outstanding debts. If you meet the criteria, you’ll receive information on how much money the bank is willing to lend you. Since pre-approvals depend on individual circumstances, keep in mind these offers can expire if any of the agreed conditions were to change.

Interested in learning more? Don’t hesitate to reach out to the friendly team at Chisholm and Gamon – we’d be delighted to answer your questions and refer you to a reputable mortgage broker to help you compare different lender rates.


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Elwood Vic 3184
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Port Melbourne

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Port Melbourne Vic 3207
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