It is best if you have pre-approval on your home loan before you
start negotiating a price on a property. Pre-approval provides an
excellent guide to how much you can afford to spend, so you know
how high you can go with your offers. This gives you a better
chance of securing the property you want.
Most lenders offer home loan pre-approval which usually lasts
three months. Where finance is required, all purchases are
subject to formal approval of finance.