Thinking about buying a home but not sure where to start? Pre-approval is often the first practical step. In this short video, Jenny explains what home loan pre-approval is, and what it isn’t, in plain English.
Pre-approval is a lender’s conditional indication of how much it’s prepared to lend you, based on your income, expenses, debts and savings. It gives you a realistic budget before you start inspecting properties. It’s not a guarantee, though. Final approval still depends on the property and an updated check of your finances.
Jenny also covers why pre-approval matters so much in Victoria, where buying at auction is unconditional and there’s no cooling-off period. For the full detail, read our guide to home loan pre-approval.
What we’ll cover
- What pre-approval means and why it’s conditional
- What lenders look at when assessing you
- How long pre-approval typically lasts
- Why it matters before bidding at auction in Victoria
- The documents to gather before you apply
This information is general in nature and does not take into account your objectives, financial situation or needs. Lending criteria, terms, fees and charges apply and vary between lenders. Speak with us for advice about your circumstances.