Eighteen per cent of Australian bidders have failed to get pre-approved finance prior to attending an auction, a new study has revealed.
According to a recent YouGov Galaxy poll, nearly one in five adults in Australia failed to secure finance before buying at auction.
Given it takes time to seek and be granted pre-approval it is important to seek professional advice as early as possible.
Buyers need to determine how much they can borrow and gain certainty that they are being realistic with their expectations.
Pre-approval is an indication from a lender that they feel comfortable lending a set amount of money to a potential buyer. It puts the buyer ahead of the game and strengthens their position when negotiating a purchase.