What Pre-Approval Actually Is
Pre-approval (also called conditional approval or approval in principle) is a written confirmation from a lender that you meet their lending criteria and they're willing to lend you a specific amount, subject to final conditions like a satisfactory property valuation. Most pre-approvals take 3–5 working days and remain valid for 60–90 days.
Your broker's role is to consult with you first, choose the most suitable lender and loan product for your situation, then prepare and submit a complete application on your behalf.
The Pre-Approval Process, Step by Step
A consistent sequence applies across most lenders.
Initial consultation
Your broker reviews your income, debts, and goals to understand your borrowing capacity.
Lender and product selection
Based on your situation, your broker recommends the most suitable lender to approach.
Application submission
Your broker prepares and submits your application with all supporting documentation.
Lender assessment
The lender reviews your application and credit history, typically within a few days.
Conditional approval issued
You receive written pre-approval, valid for 60–90 days, to use while house-hunting.
Time to Get Approved
How Long It Lasts
A complete, well-prepared application is the single biggest factor in how quickly pre-approval comes through.
Quick Summary
- Pre-approval confirms your borrowing capacity, subject to final conditions.
- Timeframe: typically 3–5 working days, valid for 60–90 days.
- Your broker manages lender selection and the full application.