April 9, 2023

Why you should apply for a mortgage pre-approval now

As you may have heard, the Reserve Bank of Australia (RBA) has raised interest rates for the first time in three years. While the increase was modest, it is an important reminder that rates can rise and fall over time. If you’re thinking about buying a property, now is the time to act.

One of the best things you can do to prepare for a potential home purchase is to apply for a mortgage pre-approval. A pre-approval is a conditional approval for a specific loan amount, based on an assessment of your financial situation. It gives you a clear idea of how much you can borrow and what your repayments will be, so you can start house hunting with confidence.

Here are a few reasons why applying for a pre-approval now is especially important:

Rates may continue to rise: While the recent RBA rate increase was small, there may be further increases in the future. A pre-approval can help you lock in a lower rate before they rise any further.

Property prices are on the rise: Property prices in some areas have been rising steadily over the past year, and this trend may continue. Applying for a pre-approval now can help you act quickly if you find the right property.

Pre-approvals are valid for a limited time: Most pre-approvals are valid for 90 days, which means you’ll need to act fast if you find a property you want to purchase. Applying for a pre-approval now will give you plenty of time to start your search.

At Miracle Home Loans, we can help you get pre-approved for a mortgage quickly and easily. Our team of experienced brokers can guide you through the process and help you find a loan that meets your needs. Don’t wait until it’s too late – apply for a pre-approval now and get one step closer to your dream home.