What is a pre-approval?

A pre-approval is a formal letter from a bank saying they will be happy to give you X amount of money once you have found a property to purchase; it is generally referred to as a “conditional approval”.

Does a pre-approval cost money?

Whilst some banks will charge for a pre-approval, the vast majority will not.  You can be certain we can help you find a pre-approval at no cost to you.

Is it guaranteed?

Unfortunately not.  Your conditional approval letter will always contain certain “conditions” that must be met before the bank will give you the loan.  Common conditions are:

  • “Subject to you finding a suitable property” – the bank will do a valuation once you have found a property and it must fit their criteria if they are to continue.
  • “Subject to us verifying your financial situation” – The bank may not do employment checks until you have located a property.  If there is a long period of time between getting your pre-approval and finding a property, the bank may need to see new payslips and bank statements etc.

What will I need?

Everyone’s circumstances are different, but in general you will need:

  • A 5% deposit or a parent who is willing to go security guarantor.
  • Regular income.  If you are working a casual job you will need a minimum of 3 months in your current role.

How do I get a pre-approval?

The easiest way is to talk to a local Mortgage Broker.  If you are based in Brisbane, we can send someone out to see you.  The whole process is free and should take no more than 60 – 90 minutes.  Please note it may take up to a week to get it approved with the bank of your choice.



First Home Buyers Information (including FHOG)

The Home Buying Process

How Much Does it Cost to Buy a House?

The Home Loan Process


What Does a Mortgage Broker do?

Mortgage Broker Vs Bank

How Does a Mortgage Broker Get Paid?