What is home loan pre-approval, and when and how do you get it?

Are you looking at shopping for a new home? Getting pre-approval will put you ahead of the pack.

Picture this: You’re thinking about a new home and have been looking at property every so often, but haven’t got serious about it yet. Then bang, you stumble across a home that you’re dead keen on, only the auction is this weekend. And you don’t have pre-approval.

So you’re out of the running. Better luck next time?

Mortgage advice: Buying a home pre-approval Hawkes Bay Napier Hastings

This could be the biggest purchase of your life. The more preparation you have done, the better your purchase will be.

What is pre-approval?

Having a pre-approved mortgage means the banks just need to be happy with your choice of home (so fewer delays holding back your offer and purchase), and you can go “property shopping” with confidence. It’s the biggest step towards the bank lending you the money, and provided your situation doesn’t change, the closest you can get to final approval.

This is particularly useful when the buyer’s market is competitive, as it is in many sectors at the moment. Auckland is the obvious one, but it’s also very competitive in Hawke’s Bay and “the provinces” particularly for first and second home buyers.

When should you apply for pre-approval?

The minimum period a bank will usually provide pre-approval for is 60 days (and can be up to six months), so if you seek pre-approval now, you’ve got a good window to go shopping.

Work around the seasonal delays

Sorting out mortgage documentation, already a significant undertaking, becomes especially challenging over the Christmas & New Year period as most solicitors will run on a skeleton staff only. So if you’re buying over summer, having your mortgage pre-approval sorted ahead of time gives you one less element to hold up the process.


By working with a professional Mortgage Adviser, we can facilitate all that documentation as well as secure the most advantageous mortgage for you – a smart idea for any buyer. You can also read more about what a Mortgage Adviser does for you here.

With expertise in the property market across almost all scenarios you can think of, our Mortgage Advisers are here to help you prepare strong applications for loans or mortgages, consolidate your debts and ensure you’re getting a fair deal, all while working toward your financial goals.

Talk to us about your plans for your new home today.

It’s a service that comes at no cost to you*, and puts your interests first – learn more here.

* Our standard Mortgage Advisory service is provided free of charge as we are remunerated (paid) by the banks, but we also provide specialised services and advice for non-conforming, credit-impaired, business and complex cases. After our free initial no-obligation consultation, we will advise you if a fee may need to be charged before we undertake any work. In many cases we may find a simple solution for you. 

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