If you’re like us, you’re probably over all the confusing lending changes and extra documents being asked for when applying for a loan amidst COVID-19. Trust us, we hear you!
But we thought this would be especially important to let you know, especially if you’re considering purchasing a property sometime soon and in the process of getting, or currently are, pre-approved.
As most of you know, pre-approvals generally only last 3 months. In the ‘glory days’ (as some old lending fuddy duddies call it), renewing a pre-approval was as easy as sending in a couple of payslips and an email saying your situation hasn’t changed. The key part to all of this though, was that the lender’s policy could not have changed since your initial application.
These days, the lenders are changing their policies just as much as the wind changes, so it’s highly likely this fast track way of renewing your pre-approval is unlikely to be possible. What this means is going through the rigmarole of providing updated documents and info, signing new forms, in addition to our research process etc. Some would say a visit to the dentist would be more fun!
Lender timeframes are also starting to lag. Bank A for example is taking up to 4 weeks for pre-approvals and Bank B not far behind at 3 weeks, so it’s extremely important to be prepared for when you are looking to purchase a property.
If you are pre-approved with us, we’ll keep you updated on any changes that may affect your ability to be re-approved and ensure you are kept up to date on your pre-approval expiry date. We’re also here to try and make this process as smooth as possible, so let us know if you have any questions or if there is anything we can do to help.
