In a competitive market, speed and certainty are superpowers. A mortgage pre-approval (subject to conditions) gives you clarity on your budget and shows sellers you’re serious.
What pre-approval gives you
- Defined price range: Shop with confidence and avoid overcommitting.
- Faster negotiation: Sellers and agents prefer buyers who are finance-ready.
- Smoother settlement: Fewer surprises when your application moves to formal approval.
What pre-approval doesn’t do
- It’s not a guarantee: Valuations, property condition, and your circumstances still matter.
- It has an expiry date: Typically valid for a set period—renew if needed.
- It can change: New debts or job changes may affect your borrowing power.
How to get pre-approved (and make it stick)
- Tidy your finances: Pay down short-term debt, avoid new credit, and check your spending.
- Gather documentation: Income, savings, liabilities, and living expenses.
- Work with a broker: Compare lenders, products, features, and timeframes.
Pro tip: Update your pre-approval if your target suburbs change—different price bands and property types can influence the numbers.
