One of the questions that applicants often ask is how to prepare for the Prequalification Interview. The Prequalification Interview normally takes place when the Loan Specialist first calls the borrower. The purpose of this interview is to assess the applicant’s eligibility for a home loan. The call will take around 5 to 30 minutes, depending on the number of questions the applicant has.
The applicant will be asked the following questions in their Prequalification Interview. All responses will be recorded in the Application Form:
- General Living Expenses (groceries, shopping, school fees)
- Assets and liabilities (Credit Card debt, HECS debt)
- Citizenship or Permanent Residency
- Email address
- Employment Details (PAYG, Self Employed, Income)
- Whether you have passed probationary period
- Details of the property being purchased (property value)
- The size of the property
- Credit History
It is suggested that borrowers calculate their general living expenses as well as their assets and liabilities before the interview.
Please note that other questions may be asked. The questions may vary depending on the circumstances of each applicant.