What is Pre-approval?
Pre-approval is a free process of applying for a loan and the financial institution approving your credit limit, without actually finalising the loan documentation with the property details.
Having an understanding of your borrowing capacity allows you to bid at actions and make an offer on a property with confidence.
Pre-approval is not a guarantee of funding and or a mortgage offer.
Once you have found your dream home you will need to get formal approval from your financier – this process can take a little as one hour to a couple of days if property inspection and valuations are required.