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 provides the confidence to house hunt within your budget, though it's not a final guarantee of lending.

Banks understand your spending habits will change once you have a mortgage, so don't worry about recent discretionary spending. They are more concerned with poor financial management, like multiple credit cards or insufficient funds fees. A mortgage adviser can help present your finances effectively.