Why bond approval matters
Discover why obtaining a bond pre-approval with RE/MAX Express and BetterBond is the single most important first step before starting your home search.
One of the biggest problems I see as an estate agent is buyers finding the home they love, making an offer, and only then discovering that they don’t qualify for the bond they need.
Sometimes it is an unpaid account, a credit issue they didn’t realise was affecting their application, or simply not knowing what they may qualify for. By the time they find out, they may already have their heart set on a property that is no longer an option.
This is why bond pre-approval matters, and why it should happen before you start seriously looking at properties.
The Advantages of Getting Pre-Approved
Getting pre-approved gives you a clearer indication of what you may qualify for and puts you in a much stronger position when you find the right home. It can also give you peace of mind that you have taken the first important step towards securing finance.
It can make a difference when you put in an offer too. Being able to show a seller that you have already taken steps towards obtaining finance demonstrates that you are a serious buyer and are ready to proceed.
Understanding the Hidden Costs of Buying
It is also important to remember that buying a home involves more than the purchase price. There are additional costs, including transfer costs, bond registration costs and other expenses associated with the transaction. Knowing about these costs early helps you understand the overall commitment.
Key Takeaway: Importantly, pre-approval is not the same as final bond approval. Pre-approval gives you an indication of what you may qualify for. Final approval takes place once you have selected a specific property and the bank has completed its assessment.
Take the First Step with Confidence
At RE/MAX Express, we work with BetterBond to assist buyers with the bond pre-approval process and help them understand their financing position before they begin their property search.
So, before you start scrolling through property listings and imagining yourself sitting on that beautiful patio, take the first step.
Don’t fall in love with the house first. Find out if you can buy it first.
Janet Bosman
Candidate property practitioner, RE/MAX Express
Practical property advice for Springs residents – one step at a time.
