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.