Do You Really Need Pre-Approval Before You Start House Hunting?

Thinking about going to a few open homes this weekend? Before you get too deep into the scroll or fall in love with something out of reach, there’s one thing worth sorting early: pre-approval.

It’s one of those steps that doesn’t feel urgent… until it is.

So, what is pre-approval?

In simple terms, pre-approval means a lender has had a look at your finances and given you a ballpark of what you could borrow. It’s not a guarantee, but it’s a strong sign to agents (and sellers) that you’re ready to go.

Why bother?

Here’s what it helps with:

• You know exactly what price range you’re working with - no more guesswork

• It gives you a bit of bargaining power when making an offer

• Helps avoid heartbreak - no point falling in love with a place if the bank says no

• Agents will take you more seriously (which matters in a busy market)

• It speeds things up once you do find the one

What happens if you skip it?

You might be fine… or you might miss out. In competitive markets, sellers usually lean toward buyers who are ready to move quickly. And if you’re caught trying to sort finance last-minute, someone else might just sneak in ahead of you.

Pro tip?

Sort your pre-approval early. Even if you’re just browsing, it gives you a clear picture - and helps avoid nasty surprises later.