Home loan pre-approval is one of the most important steps in the buying process. It gives you a clear understanding of how much you can borrow, helping you search for properties within your budget and avoid financial surprises. Without a pre-approval, you risk making an offer—either privately or at auction on a property you may not be able to finance.

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Online home loan calculators can be helpful, but they’re general tools that don’t consider your full financial picture. A home loan pre-approval is a personalised assessment from a lender that reviews your income, expenses, liabilities, and the type of property you want to purchase. This gives you a far more accurate borrowing estimate and stronger confidence when making offers.

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How Long Does a Home Loan Pre-Approval Last?

Most lenders issue pre-approvals that are valid for 3 months, and many allow an extension to 6 months. To extend, lenders may request updated documents such as:

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• Your two most recent payslips

• Your latest salary-credit bank statement

• Information on any changes to your assets, liabilities, or financial position

 

Keeping your documents current ensures your borrowing capacity remains accurate throughout your property search.

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How to Get a Home Loan Pre-Approval?

Getting pre-approved is simple when you work with an experienced mortgage broker. Here’s how the process works:

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1. Initial Conversation – We’ll discuss your goals, buying timeline, and financial situation.

2. Provide Documents – You supply income, savings, and debt information (e.g., payslips, bank statements, credit card limits).

3. Compare Lenders – We assess your borrowing capacity and recommend the most suitable home loan options.

4. Application Preparation – We complete and prepare your pre-approval application for signing.

5. Submission to Lender – We lodge your application and manage communication with the lender.

6. Pre-Approval Issued – The lender confirms how much they are willing to lend you, based on your financial profile.

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What Happens After Your Offer Is Accepted or You Win at Auction?

Moving from pre-approval to unconditional approval involves several key steps:

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1. Property Valuation – The lender orders a valuation to check the property’s market value.

2. Formal Loan Application – Your application is updated with property details and submitted for assessment.

3. Conditional Approval – The lender may issue conditions that need to be met before the loan is fully approved.

4. Satisfying Conditions – You provide any additional documentation the lender requests.

5. Legal and Title Checks – The lender ensures the property has no legal issues or restrictions.

6. Unconditional Approval – You receive confirmation that the lender has fully approved your loan.

7. Loan Offer Acceptance – You sign your loan documents and return them to the lender.

8. Settlement – Funds are transferred, and the property legally becomes yours.

9. Loan Finalisation – Your lender disburses the funds, completing the home loan process.

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Why Working With a Mortgage Broker Helps

A mortgage broker helps streamline the entire journey—from pre-approval to settlement. We guide you through documentation, communicate with the lender, and ensure everything stays on track so you can secure your property with confidence.

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