Getting pre-approved for a mortgage is one of the smartest moves you can make before you start house hunting. It tells you exactly how much you can borrow, makes your offer more competitive, and removes a lot of the stress from the buying process.

What is mortgage pre-approval?

Pre-approval is a conditional confirmation from a lender that they’re willing to lend you a specific amount, based on a review of your financial situation. It’s not a guarantee, but it gives you a strong foundation to begin your property search with confidence.

What do lenders look at?

When assessing your pre-approval application, lenders will typically review:

  • Income and employment history — stable, verifiable income is key
  • Credit history — a clean credit file shows you’re a reliable borrower
  • Existing debts — credit cards, car loans, and other liabilities all affect your borrowing power
  • Deposit size — most lenders require at least 10–20% of the purchase price
  • Living expenses — lenders assess your regular spending to determine serviceability

Steps to get pre-approved

  1. Get your documents in order — payslips, bank statements, ID, and any evidence of your deposit
  2. Check your credit report — fix any errors before applying
  3. Reduce existing debt — pay down credit cards or close accounts you don’t need
  4. Speak with a mortgage adviser — an adviser like Biju can compare lenders and find the right fit for your situation
  5. Submit your application — your adviser will handle most of the paperwork
  6. Receive your pre-approval — typically valid for 60–90 days

How long does pre-approval last?

Most pre-approvals are valid for 60 to 90 days. If you haven’t found a property by then, you may need to renew — which is usually straightforward if your circumstances haven’t changed.

Ready to get started?

Biju and the Indus Mortgages team make the pre-approval process simple. Book a free consultation and we’ll walk you through everything you need to know.