Hi all,
I currently have a pre-approval from CBA but was wondering if I now also apply for pre-approval
with another lender, would that make credit report (Veda) look adverse?Would lenders look at my credit file with a history of applying for home loan pre-approval from more than
one lender, as a borrower with a bad credit history?Would really appreciate people's opinion on this as the new St George 1.5% off SVR offer is really appealing to me and I want to obtain approval from St George and eventually buy a IP with a loan froim St George instead of the CBA pre-approval I currently have.
If you have one pre-approval you will probably qualify for other banks too. Why not wait till you find something? Save time and your credit file.
Although it won't look bad. It will not be looked on as bad credit. Just don't over do it. (I once seen someone's file who had about 10 pre-approvals!!)
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The pre approval is basically just showing you have the income to service the intended loan amount. As credit policy and restrictions change almost daily in the current lending climate, your pre approval is not worth the paper it is printed on. Especially without a security property selected.
Just find a suitable property, and apply with the lender you wish to go with at the time. Definately do not contunie to make applixcations, as a lot of institutions will take issue with this. Also, if you will be needing Mortgage Insurance, then they have mors specific thresholds ie more than 5 enquiries in past 3 months etc etc, and their credit scoring systems does not leave much room for negotiation.
Best of luck with your purchase.
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