What is pre-approval?

Pre-approval is the maximum amount a bank will lend you for a home loan, based on your income and savings. It gives you the confidence to house hunt within your budget.

While not a final guarantee, it's a crucial first step. Banks understand your spending habits will change with a mortgage, but they do look for signs of poor financial management.

A mortgage adviser can help present your case effectively, especially if you are self-employed or a freelancer.