How Does the Pre-Approval Process Work? (with Stuart Weymss)

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
support@homebuyeracademy.com.au!


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]

 


Link/s 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.


 


Connect With Us:


Home Buyer Academy Website
(https://www.homebuyeracademy.com.au/)



 


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and share the show! There’s more to come, so we hope to have you
along with us on this journey!


 


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