Pre-approval: what it is, what it is not, and why it matters

Pre-approval is a conditional indication from a lender that you may be able to borrow up to a certain amount, based on the information you have provided at the time of application.

It is not a final approval. Your full application will be assessed again once you have found a property, and the lender will conduct a valuation and verify your circumstances.

Pre-approval typically lasts 60–90 days depending on the lender. If your situation changes — new debt, job change, or a significant purchase — you should update your broker before making an offer.

Having pre-approval in place gives you a clear budget, speeds up the process once you find a property, and signals to agents that you are a serious buyer.