Getting Pre-Approved: Your First Step to Home Ownership

Pre-approval is the lender's conditional agreement to lend you a specified amount — before you've found a property. It's not a guarantee, but it's far more powerful than a simple online calculator estimate. Here's why every serious home buyer should get pre-approved before they start inspecting.

Pre-approval vs pre-qualification — what's the difference?

Pre-qualification is a quick, unverified estimate based on information you self-report. Pre-approval involves a genuine credit assessment: the lender verifies your income, checks your credit file, and issues a conditional approval. Pre-approval is what counts when you make an offer — agents and vendors take it seriously.

What do I need for pre-approval?

• 2 recent payslips (or last 2 years tax returns if self-employed)
• Last 3–6 months bank statements
• Photo ID (passport or driver's licence)
• Evidence of your deposit (savings statements, gift letter if applicable)
• Details of any existing debts (car loans, credit cards, HECS)
• Rental history or current mortgage statements if applicable

How long is pre-approval valid?

Most pre-approvals are valid for 90 days and can often be extended with updated documents. If you haven't found a property within 90 days, contact your broker — they'll assess whether you need a full re-assessment (particularly if your income, debts, or the market has changed).