Home Loan Pre-Approvals
Get clarity on your budget and buy with confidence
A home loan pre-approval confirms how much a lender is likely to approve you for — subject to final conditions — so you can search, offer, and bid on property with clarity and confidence. At My Finance Consultants, we help prospective purchasers to get a pre-approval in place, so that you’ll know your price range, avoid wasted time, and strengthen your negotiating position with real estate agents and sellers.
What is a home loan pre-approval?
Also known as approval in principle, conditional approval, or indicative approval, a pre-approval means a lender has assessed your financial situation and is prepared to lend you up to a specific amount, subject to conditions like a satisfactory property valuation. It’s not a full guarantee, but it’s the strongest indication that your loan scenario fits lender policy.
Quick Tools:
Compare repayments with our Mortgage Repayment Calculator
Estimate purchasing power with our Buying Power Calculator
Estimate upfront costs with our Stamp Duty Calculator
Benefits of getting pre-approved before house hunting
Know your maximum borrowing capacity and set a realistic budget
Save time by focusing only on properties within your range
Strengthen your position when making offers and negotiating
Be ready to bid confidently at auction
Speed up the formal approval process when you find the right home
No obligation — you’re not locked into using the loan
How the pre-approval process works
Discovery and strategy
We assess your goals, income, deposit, and credit position, and determine which lenders are most suitable.
Compare over 40 lenders
We compare rates, fees, policy fit, and turnaround times to find the right lender options for your scenario.
Application and documentation
We prepare and submit your loan application and supporting documents, ensuring a smooth and efficient process.
Pre-approval issued
You’re now ready to make offers or bid at auction. If it expires, we can refresh it where needed.
Buying by Private Treaty vs. Buying at Auction
Private Treaty
You negotiate with the seller through the agent. Once your offer is accepted, we arrange valuation and help you move to unconditional approval. Then your solicitor or conveyancer manages contract exchange and deposit payment.
Auction
You must complete all due diligence before auction day, as exchange happens immediately if you are the winning bidder and there is no cooling-off period. A pre-approval helps ensure you bid confidently and settle smoothly.
How long does pre-approval last?
Most lenders issue pre-approvals lasting 90 to 180 days. If yours expires during your property search, we can request an update or refresh based on current documents and lender policy.
What can impact your pre-approval?
Changes that may require reassessment:
Changing jobs or employment type
Taking out new loans or credit cards
Becoming self-employed
Large, unexplained transactions
Spending part of your saved deposit
Interest rate or lender policy changes
Common property types lenders may be cautious about
Small apartments or studio units under minimum size
Certain apartment complexes or high-risk developments
Hobby farms or rural lifestyle blocks
Properties requiring major structural repair
Properties near large power lines or infrastructure
If this occurs, we’ll discuss suitable lender alternatives.
Frequently Asked Questions
Does pre-approval guarantee final approval?
No — final approval is subject to property valuation and your circumstances remaining consistent.
Can I bid at auction with just a pre-approval?
Yes — provided we confirm the property type fits the lender’s risk policy.
Will applying affect my credit score?
Yes, a credit enquiry is recorded — but we ensure applications are targeted and necessary.
How do I know my true price range?
Check the Borrowing Power Calculator, then we confirm it with a lender-verified pre-approval.