Approval

There are three types of approvals when it comes to a mortgage approval process. Pre-approval, conditional approval and unconditional approval.
Pre-approval is typically done before starting your property search, when you are approved in principle (AIP) for a loan amount. Pre-approvals are generally valid for 3 months, so even if you’re not ready to buy today, you can get an idea of how much you can borrow so you don’t look at properties out of your budget.
Conditional approval is generally used when you are approved but there are some outstanding items that the lender wants before granting unconditional approval. For example, you might still need to provide updated payslips or sell your existing property.
Unconditional approval is when the bank is satisfied that you have provided all the necessary information for them to commit to lending you the money. Now you can pop the champagne and celebrate!