How to get home loan ready including setting a budget

Budding buyers should use the stage four lockdown to become purchase ready, experts say. Picture: iStock
Budding homebuyers keen to pounce once Melbourne’s stage four restrictions have been lifted should be using the period to get themselves loan ready, experts say.
That meant determining a buying budget, choosing a lender and loan type, and potentially obtaining pre-approval.
Real Estate Buyers Agents Association president Cate Bakos said those keen to take the property plunge post-lockdown should start on this now, as the major banks were taking as long as 40 days to assess loan applications amid COVID-19.

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