What is pre-approval?

Pre-approval is the maximum amount a bank will lend you for a home loan, giving you the confidence to house hunt within your budget. It is not a final guarantee and can change if your financial situation does.

While banks expect your spending habits to change with a mortgage, they are wary of poor financial management like multiple credit cards or insufficient funds fees. A mortgage adviser can help present your finances effectively, especially for freelancers or business owners.