Getting a pre-approval before you start looking
It’s a good idea to talk to a mortgage broker a few months before you even start looking. Everyone’s situation is different; a good mortgage broker will be able to guide you what needs to be prepared before the application is lodged for a pre-approval. Also, having a written pre-approval give you an advantage when negotiating on a property with a vendor and the agent because they know that your finance has been organised.
Home loan pre-approval is a great way to ensure you know how much you can afford to pay for a property before you even start looking. Hence, you will only be looking for the properties suitable to your budget. This saves you a lot of time.