Pre-approval gives you peace of mind knowing the bank will lend you the money before you start looking

It involves having the loan approved, conditional upon finding the property to purchase and having it valued by the bank. 

There are many benefits to organizing pre-approval prior to looking. Pre-approval makes the process faster, and simpler once your offer has been accepted. In some ways, the finance is already two-thirds approved.

Any offers you make on a property are also strengthened by having a pre-approval in place.

And if you do go ahead with pre-approval and not proceed to purchase, don’t worry, in most cases there is no fee. Pre-approvals generally expire after 3 months, but can be easily extended.