No guess work, you will know exactly which homes you should be looking at.
Knowing how much you can borrow will give you a leg up on your competition if you get into a bidding war. You’ll be able to be more strategic about your offers and understand what an offer increase could do to your mortgage payment. You will also know when it’s time to walk away or (if you can afford to do so) increase your offer amount
Having a preapproval in place also gives the vendor and the agent the confidence to accept your offer, sometimes even when it is not the highest they have received (but is the only one with preapproval)
Having a preapproval quickly in hand allows you to make purchasing decisions. If you wait until you find a house to get preapproved, you will have to take time out to find a mortgage. Time taken at this point could mean losing the home to another bidder
By being a member of Melbourne First Home Buyers Club you will be well informed in the areas of how to make an offer, what is important about the contract of sale, do I need a pest and building inspection , what does a conveyancer do and a whole lot more.