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On Line Pre-approvals Are Not What They Seem

Pre Approved Loan

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Imagine getting pre-approval from your lender either over the phone, online or even at your local branch, only to find out that once you have made your purchase, your loan was not approved.

Since the advent of the COVID-19 outbreak, Mortgage Broker What If We Finance has found this is happening more and more.

Almost weekly, Mortgage Broker Melbourne What If We Finance feels the pain of stunned borrowers who have received preapproval online or over the phone who do not understand why their loan was not accepted once it went through the bank’s full credit process.

While the reasons are many and varied, the key causes What If We Finance has found are:

The borrower miscalculates their actual income

Some lenders will not take into account over-time, commission, allowances or casual jobs unless they have received this income for over a two-year period or a period meeting bank credit requirements. This means your borrowing capacity is reduced.

Online bank systems may not pick up credit defaults or excessive credit queries held against your name. Having credit defaults or excessive credit queries can significantly reduce your chances of your loan being accepted.

The purchased property falls outside the lenders’ perputually changing policy

The suburb you purchased your property in has lending restrictions. For example, inner-city or Docklands apartments have restrictions:

  • Self employed applicants may not be accepted because they have not had their ABN registered for a minimum of two years and or registered for GST.
  • Self employed applicants are generally assessed on the average of two years income and not the current year. Therefore, inaccurate reporting of income may lead to lower borrowing capacity.

In other instances, the valuation of the property is not as per the purchase price.

young couple applies for an online pre-approval

Ensure Pre-approval Success with What If We Finance

What If We Finance advises that you engage an independent Mortgage Broker to obtain your pre-approval. A Mortgage Broker will recommend the appropriate lender and ensure your preapproval goes through the entire lending process. Once assessed, you will get a genuine pre-approval that lasts for 3 to 6 months.

A pre-approval must be fully assessed and not based on a phone conversation or online calculator. Full assessment means all your financial circumstances are considered, reviewed and an objective credit decision is made.

Forget about the instant online, or over the phone pre-approval. They are not worth the paper they are written on.

Contact your mortgage broker What If We Finance to avoid disappointment today.

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176 reviews on
Matthew B
Matthew B
2022-06-05
Looking at the reviews for What If We Finance, it comes at no surprise to see so many 5-stars. Spiro handled the mortgage part of my girlfriend and I purchasing our first home. He made himself available to us around the clock and ensured that we were across the entire process and felt as comfortable as possible. We're very fortunate to have gone about buying our first home with Sprio and we'd be more than happy to use him for future purchases and to refer on to family and friends. A big shout out to Agnes also who busily works away in the background and also does an incredible job. You guys are the best!
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hari gowtham
hari gowtham
2022-06-03
Very happy with the results from Spiro from start to finish. Spiro and his team are very knowledgeable and have a very quick turnaround time. Couldn't be more happier with the service. Definitely my go-to person for upcoming purchase.
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Gary Shekhter
Gary Shekhter
2022-06-02
Great broker and trustworthy. Honestly had seen 5 brokers and fund this wonderful guy. Who helped from start to finish fast and had our loan in no time at all. Thank you again champ you did an amazing job
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Leonie Kemp
Leonie Kemp
2022-05-29
Thank you Spiro and Agnes for helping with the purchase of my first home. I needed to arrange finance quickly and Spiro did a fantastic job letting me know the best options for me and pushing to get the pre-approval so I didn't miss out on purchasing my home. Everything went very smoothly, thanks for helping make my first property purchase straightforward.
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S S
S S
2022-05-28
Thank you Spiro and team for your help in financing the mortgage for the recent property purchase. Spiro provided timely advise, guided me on the process and was swift in processing the documents. His friendly attitude makes the process even better. Thank you once again.
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Anita Naughton
Anita Naughton
2022-05-27
As a first home buyer I had very limited knowledge on what I needed to do. I searched for a broker and What if we finance stood out due to reviews. I had my first session with Spiro and never looked back! The whole process was seamless, I felt supported and could always connect with Spiro when needed. Spiro and Agnes are experts in what they do and I would highly recommended anyone looking for finance to choose What if we finance. I will be a lifelong customer and look forward to buying our next house with their support.
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Mahmoud Al Kilzi
Mahmoud Al Kilzi
2022-05-25
Spiro & his team did a great job by getting my loan sorted in time. I would recommend them to family & friend. Great work guys much appreciated.
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Rebecca Zeeman
Rebecca Zeeman
2022-05-20
Spiro and Agnes provided great help and advocacy in getting us our home loan. We felt they were always available and were super efficient in getting it all done on time! The process was so simple and without stress thanks them both.
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Irish Azcuna
Irish Azcuna
2022-05-09
I can’t thank Spiro and Agnes enough for making my first home purchase so efficient, stress-free and seamless! If I could give more than 5 stars I would. As a first home buyer applying for one or the government’s schemes, my situation would have been so complicated that I never imagined being able to complete the process in such a short time. Spiro’s in-depth knowledge, invaluable and always-available support, and genuine willingness to help get me the right mortgage for my situation, made everything possible. His pragmatic advice even helped me decide on the right property for us, which would help us achieve our long-term goals. I highly recommend Spiro and his team. We will definitely engage their service again for our next property. They are the best!
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Renee Briggs
Renee Briggs
2022-05-02
Spiro is reliable, has your best interest as his top priority and is fast to get great results. We wouldn't ask anyone else for their professional opinion- Spiro is the best in the business.
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