Why Fully Assessed Pre-Approvals Matter in Today’s Spring Property Market
Spring has always been the busiest season in Australia’s property calendar — and 2025 is proving no exception. In Coffs Harbour and across regional NSW, the market is buzzing with first home buyers competing for limited stock.
If you’re planning to buy this spring, one of the smartest moves you can make is to secure a fully assessed pre-approval before you start making offers.
What is a Fully Assessed Pre-Approval?
Not all pre-approvals are created equal. Many banks and lenders offer “system-generated” or “automated” pre-approvals that only check the basics — income and liabilities plugged into a calculator. These can give you a false sense of confidence because they haven’t been reviewed by a credit assessor.
A fully assessed pre-approval goes further. The lender’s credit team actually reviews your documents — payslips, bank statements, ID, and liabilities — and applies their real credit policy to your application. It’s the next best thing to a formal approval.
Why It Matters in a Competitive Market
Stronger negotiation power
When multiple buyers are competing for the same property, agents and vendors take offers with fully assessed pre-approvals more seriously. They know your finance has already been vetted.Reduced risk of disappointment
With a system-generated approval, you may only discover later that your overtime, allowances, or casual income isn’t accepted. By then, you could have paid for inspections and missed out on other properties.Clear budget confidence
A fully assessed pre-approval gives you certainty around what you can borrow and spend. That means you can search with confidence and avoid stretching beyond your limits.Faster turnaround at purchase time
Once you find the right home, much of the hard work has already been done. Your file is halfway through the approval process, so unconditional approval is usually quicker.
Why This is Crucial for First Home Buyers Right Now
With the recent October 1 changes to the Home Guarantee Scheme — including higher price caps up to $800,000 in regional NSW — more first home buyers are active in the market than ever before.
That extra competition means homes in the Coffs Harbour region can sell within days of listing. Having a fully assessed pre-approval could be the difference between securing your first home or missing out.
Example: Competing in the $700k–$800k Range
Imagine two buyers both bidding on a Coffs Harbour home listed for $780,000.
Buyer A has a system-generated pre-approval that only checked their base income.
Buyer B has a fully assessed pre-approval showing their savings, payslips, and credit history already ticked off by the lender.
If you were the seller, who would you feel more confident about accepting? Buyer B has the clear advantage.
Ready to Act?
If you’re a first home buyer in Coffs Harbour or surrounds, don’t wait until after you’ve found “the one” to start your loan application. A fully assessed pre-approval can:
Show agents you’re a serious buyer.
Give you confidence to act quickly.
Save you time, money, and stress in a fast-moving spring market.
📞 Book your free pre-approval chat today with Good Finance Solutions. I’ll guide you through the process, compare lenders, and help you put your best foot forward this spring.
(This article is general information only and not financial advice. Always consider your circumstances and seek tailored advice before making financial decisions.)