What it means
Pre-approval is an indication that a proposed application may fit a lender’s criteria, subject to the conditions, evidence, limits, time period, and property checks stated in the document.
What it does not mean
It is not a guarantee of a loan, valuation, property acceptance, or settlement. A change in income, debts, deposit, property, or circumstances can change the assessment.
Read the conditions
Check the approved amount or range, expiry date, required documents, exclusions, property conditions, and anything still outstanding. Do not assume every lender uses the same validity period.
Illustrative example
Owen receives a pre-approval and later considers a property with unusual construction. He checks the property requirements before treating the pre-approval as relevant to that house.
Evidence categories to organise
- Approved amount or range
- Expiry date
- Outstanding conditions
- Required documents
- Property checks
- Changes to report
This guide is general information only. MoreGage does not provide regulated financial advice, a lending assessment, approval, or an offer.