A pre-approved home loan lets you know much you could borrow before you start looking at properties to buy. It can also speed up the process for getting a fully approved loan, once you’ve found a home you want to buy.
A home loan pre-approval will typically expire after a set period (e.g. 60 days). If your financial situation changes, you must inform your chosen lender immediately.
Once you have a pre-approved loan you can let the search for your new home begin and shop with confidence!
Pre-approval home loans are generally conditional. This means there are certain conditions you must meet before your lender will finalise a loan agreement (these will be itemised in your pre-approval or letter of offer).
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