What does pre-approval mean?

Pre-approval is the process by which you determine what you can afford on your home loan.

The pre-approval process assesses your financial situation, including your credit record — the most important factor in determining whether the bank will approve your home loan.

Having access to your credit record is useful as you can assess your chances of approval ad determine whether you need to take measures to improve your credit record.

Using this information, the process presents a solid (though not 100% accurate) estimation of what you can afford.

If you apply for home loans within this price range, the pre-approval will serve as proof to the bank that you can afford it.

You can get pre-approved by contacting an expert at ooba Home Loans or by using our free, online pre-approval tool, the Bond Indicator.