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Pre-approvals for home loans

Getting pre-approval is a smart idea if you need a mortgage and plan to purchase a home.

Your lender's non-committal "go-ahead" in the form of a home loan pre-approval can give your property search some clarity and confidence. Before you discover your dream home, getting pre-approved for a mortgage can give you a realistic budget and spare you the disappointment of finding out that you can't afford your dream house.

Home loan pre-approval explained

Pre-approval is also known as conditional approval or approval in principle.

When you receive a lender's conditional approval to borrow money for a property, you have a home loan pre-approval.

Pre-approval for a home loan is often reserved for applicants who want to buy a new house rather than refinance.

How to get Pre-Approval for a Home Loan?

The pre-approval application process is generally similar to the regular home loan application process. You must submit a variety of supporting paperwork, including:

  • Personal identity documents (e.g. birth certificate, passport, driver's license)
  • Income documentation (e.g. payslips, tax returns)
  • Details about any obligations you may have (e.g. loans, credit cards, HECS-HELP debt)
  • Bank summary for the last few months
  • Data on assets (e.g. vehicles, investments, superannuation)
  • Proof of funds and genuine savings.

Benefits of home loan pre-approval

  • You will be given an estimate of your borrowing ability. Borrowing capacity is based on your debt-to-income ratio and indicates how much you can borrow.
  • You can focus your search to fit your budget if you have an idea of what you might get.
  • When you do find a house in your price bracket, you are at ease enough to go forward with the auction or submit an offer.
  • Pre-approvals for home loans can occasionally shorten the time it takes for your loan to close.

Loans by Reliiance Financial Solutions

We all have different needs and requirements. Let our knowledge and experience help you get the most suitable financial solution for you. At Reliiance Financial Solutions, we work with you, for you.

Talk to a Reliiance Financial Solutions expert for a consultation


At Reliiance Financial Solutions, we have been privileged to have worked with hundreds of remarkable individuals and families.

Very few things come close to receiving their genuine appreciation of our services. All we can say in return is - the pleasure was all ours.

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