Buying your first home is an exciting milestone, but without proper financial preparation, it can quickly become overwhelming. One of the most important steps in the home-buying journey is obtaining a fully assessed pre-approval—a step that many first home buyers overlook. Why a fully assessed pre-approval is crucial for first home buyer you ask, this process ensures that your financial position has been thoroughly reviewed, reducing the risk of delays and last-minute surprises.
What is a Fully Assessed Pre-Approval?
A fully assessed pre-approval means that your lender has completed a full financial assessment, including verifying your income, reviewing your credit history, and checking your liabilities. Unlike a basic pre-approval, which is often just a surface-level check, a fully assessed pre-approval gives you the confidence to make an offer on a property, knowing that your financing is secure.
The Risks of Skipping a Fully Assessed Pre-Approval
Without a fully assessed pre-approval, first home buyers can face unnecessary stress, financial uncertainty, and even the risk of losing their dream home. Here are two real-life examples of how skipping this step caused delays and complications:
Case Study 1: The Government Scheme & Tax Return Delay
A recent first home buyer client of ours made an offer on a property without securing a fully assessed pre-approval. They were relying on a first home buyer scheme, which required an up-to-date tax return. Since their tax return had not yet been lodged, the finance approval process was delayed. This put them at risk of missing their settlement deadline and added unnecessary pressure.
Case Study 2: The Guarantor Loan Complication
Another client was purchasing a property with a guarantor loan, which typically takes longer to process due to the extra checks required. Because they hadn’t secured a fully assessed pre-approval, we had to request a finance extension, leading to additional stress and uncertainty. A fully assessed pre-approval would have ensured a smoother process and allowed them to move forward with confidence.
Benefits of Getting a Fully Assessed Pre-Approval
✅ Reduces Risk: Ensures you won’t face last-minute financing issues when making an offer.
✅ Speeds Up the Process: A full financial assessment upfront means fewer delays later.
✅ Gives You Confidence: You’ll know exactly what you can afford and avoid disappointment.
✅ Strengthens Your Offer: Sellers are more likely to accept offers from buyers with solid financing.
Get Pre-Approved the Right Way
So now we know why a fully assessed pre-approval is crucial for first home buyers. At 360 Mortgage Solutions, we help first home buyers navigate the pre-approval process with ease. Don’t let financing delays hold you back from securing your dream home—get in touch with us today for a fully assessed pre-approval.
📞 Contact us here
By taking this crucial step, you can enjoy a smoother, stress-free home-buying experience. Don’t wait—get started today!
Need more help? Check out the Free First Home Buyer Mini Course Here