Is it better to be pre-approved or pre-qualified?

Pre-approval will put more weight behind your home loan application, as it involves a more thorough assessment of your situation, and provides you with a prequalification certificate that you can show to your estate agent or home seller to prove you have the necessary funds. The certificate will be valid for 90 days.

You can get pre-approved using ooba Home Loans’ free, online tool, the Bond Indicator. This will provide you with your credit score and an accurate assessment of what you can afford. Alternatively, you could contact ooba Home Loans and get pre-approved by an expert. They will examine your financial situation in the same way a bank would, and within 48 hours give you an idea of what size of home loan you will qualify for.