System generated pre-approvals

Discussion in 'Loans & Mortgage Brokers' started by RoadRunner, 14th Oct, 2020.

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  1. RoadRunner

    RoadRunner Well-Known Member

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    Hi folks,

    Do you know which lenders are doing system generated (instant) pre-approvals?
     
    RoadRunner, 14th Oct, 2020
    #1
  2. qak

    qak Well-Known Member

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    Maybe add a qualifier - that they will definitely continue with?
     
    qak, 14th Oct, 2020
    #2
  3. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Why would you deliberately want this type of pre-approval?
     
    Peter_Tersteeg, 14th Oct, 2020
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  4. RoadRunner

    RoadRunner Well-Known Member

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    A friend of mine need it urgently. Can't wait for full assessment. The property he is looking to buy has a condition attached that the buyer must have pre-approval.
     
    RoadRunner, 15th Oct, 2020
    #4
  5. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Not instant but Macquarie pretty quick 1 day ish and Westpac if system approved I think is pretty instant but no guarantee will be system approved.
     
    Marty McDonald, 15th Oct, 2020
    #5
  6. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    what be the LVR and security type pls ?

    The credit report and the balance of the black box data will give an experienced broker a good clue as to where to take it

    EG, no good going to WBC group if the property is blacklisted on their Units register.

    Loans aint loans

    ta

    rolf
     
    Rolf Latham, 15th Oct, 2020
    #6
  7. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    Probably the worst thing you can do in a purchase negotiation is show the agent a pre-approval letter. It basically tells them what you can spend.

    In this case the vendor is likely to have already had previous offers fall over because finance fell through. It's happening a lot lately. What they really want is an unconditional offer.
     
    Peter_Tersteeg, 15th Oct, 2020
    #7
    Rolf Latham likes this.