What does it mean to prequalify for a home loan?
Prequalifying for a home loan allows you to get an estimate on your borrowing capacity before you apply for a home loan.
In only minutes, we can tell you your borrowing power for a home loan, so you can start your home buying journey with confidence knowing what you can afford.
Fill out our online form in 2 mins to see if you prequalify.
Why should I prequalify?
There are many benefits of getting prequalified for a home loan, including:
- Gaining confidence to apply for a specific loan amount
- Knowing what properties you may be able to afford when house hunting
- It shows lenders you're serious about applying for a home loan
- Prequalifying isn't pre-approval, so it won't appear on your credit report.
In less than five minutes, you can find out if you're likely to qualify for a low rate loan.
Our friendly home loan specialists are here to help. Book a call to get all your home loan questions answered.
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How to get prequalified
Our prequalification process is online, easy, and requires no credit check. All you need to do is answer a few quick questions about yourself and your financial situation, and you’ll get an instant response.
You’ll know an estimate of your borrowing costs, including stamp duty and Lenders Mortgage Insurance (LMI). We’ll also tell you if you’re eligible for government home buying grants available in your state.
Eligibility requirements
To be eligible to prequalify for a home loan, you must be:
- 18 years old or over
- Employed full time, part time or self employed
- Looking to borrow a minimum of $50,000
- Seeking a loan to purchase or refinance a residential property or construct a dwelling
- An Australian or New Zealand citizen or permanent resident
What to I need?
To prequalify, you don’t to submit any documents.
However, we do need some general details to give you an estimate, including:
Your name and contact details
Details of your income, expenses and liabilities
Details of the property you’ve found, or the type of property you want to buy
FAQ
Our process
To prequalify for a loan with us, all you need to do is complete our easy online application form, which takes less than five minutes. Your details will be quickly assessed, and you'll be notified if you prequalify and your borrowing potential.
Apply online
Apply online
Fill out our application online or talk to one of our Australian-based lending specialists to do the hard work for you.
Goodbye paperwork!
Goodbye paperwork!
Login to onTrack and easily upload the required documents. Plus, you can track your application through to approval.
Settle & save
Settle & save
Our innovative online process gets you to settlement quickly, so you can start saving thousands sooner.
Read some of our real good feedback.
Our Google Rating
11 Nov 2024
“
Super grateful to Emira and the team. Great, timely feedback mechanisms with clear guidance on processes. They went all out to support us throughout the application - much appreciated!„
28 Oct 2024
“
Highly recommended using them to my friends and family and to all reading the reviews. To all the team outstanding and thankyou for your help.„
loans.com.au, Australia’s leading online home loan lender
For the last 10 years, thousands of Aussies have trusted our experienced & locally based team with some of their biggest financial decisions - buying a home, a new car or refinancing to save on interest.
Our customers trust us to support them with low home loan and car loan rates, approved quickly through our easy-to-use online app, where you can track the status of your loan from application to settlement.
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What's the difference between pre-qualified and pre-approved?
As you’re looking at home or car loans, you’re going to see advertisements urging you to get “pre-approved” or to “pre-qualify” for a loan which can leave you scratching your head. Some use these two terms interchangeably, but there are key differences between pre-approved and pre-qualified.
What documents do you need for pre approval
When in the process of applying for a home loan or car loan, it’s easy to lose track of exactly which documents you need to apply for pre-approval - but this step is important to get right as it’s proving your financial capability and stability.
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Important information
Please note prequalification does not guarantee loan approval with loans.com.au. Prequalification gives you an estimation of your potential borrowing capacity for a loan and is based on the details provided on the application form. To get a realistic estimation, ensure you enter all required information and details correctly.