CommBank offers home loan pre-approval, which can help you understand how much you may be able to borrow and give you confidence when you’re shopping for a property.
Home loan pre-approval is an initial assessment by CommBank of your financial situation and borrowing capacity based on the information you provide. This assessment is not a formal loan offer, but rather an indication of the amount you may be eligible to borrow based on your income, expenses, credit history, and other factors.
To apply for home loan pre-approval with CommBank, you’ll typically need to provide information about your income, expenses, assets, and liabilities, as well as details about the property you’re interested in. CommBank will assess your application based on its lending criteria and may require additional documentation, such as proof of income or savings.
If your pre-approval is successful, you’ll be issued with a conditional approval, which is valid for a certain period of time and subject to certain conditions, such as satisfactory property valuation and confirmation of your financial position at the time of formal application.
It’s important to note that home loan pre-approval is not a guarantee of finance, and your actual borrowing capacity and loan terms may vary based on your individual circumstances and the property you’re interested in. However, pre-approval can give you a clearer picture of your financial position and help you make more informed decisions when buying a property.