So, you’re ready to buy your first property. Congrats! It’s a big step, and one of the most important things you can do early in the process is get pre-approved. But what does that actually mean, how do you do it, and why does it matter?
Let’s break it down 👇
✅ What is a Pre-Approval?
A pre-approval (also called conditional approval) is an indication from a lender that they’re likely to approve your home loan up to a certain amount, based on the financial information you’ve provided.
It’s not a guarantee (final approval comes later), but it gives you the confidence to house hunt knowing your budget and shows real estate agents and sellers that you’re a serious buyer.
📄 What Documents Do I Need?
To apply for a pre-approval, your broker or lender will typically ask for:
- Proof of income (e.g. recent payslips and possibly a group certificate or tax return)
- Bank statements (usually 3 months of spending/saving history)
- Proof of deposit (showing genuine savings or gift)
- ID (driver’s license, passport)
- Credit card and personal loan statements
- If self-employed: 2 years of tax returns and business financials
Your mortgage broker can help you gather exactly what’s needed and make sure it’s all packaged up properly to avoid delays.
⏳ How Long Does Pre-Approval Last?
Pre-approvals generally last 90 days (some lenders offer up to 6 months). If you haven’t purchased within that time, your broker can usually help you renew or update your application easily, assuming your financial situation hasn’t changed too much.
🔍 Why You Should Use a Mortgage Broker
Here’s the big one. Not all pre-approvals are created equal, and not all banks offer the same deals.
A mortgage broker can:
- Access over 30+ lenders (not just one bank)
- Compare rates, fees, and policy differences to find the best fit for your situation
- Guide you through the whole process from paperwork to settlement
- Save you time, stress, and possibly thousands of dollars
Buying your first home is a huge milestone. Working with an experienced broker gives you the confidence, clarity, and support to get it right the first time.
🎯 Ready to Get Pre-Approved?
Reach out to the team at Mynt Financial and let’s chat about your goals. We’ll guide you every step of the way, from your first home dream to the front door.
Disclaimer:
This information is general in nature and does not constitute financial or legal advice. Your personal circumstances, objectives, and financial situation should always be considered before making any decisions. Pre-approval conditions and eligibility vary by lender and are subject to change.
