Typically, a minimum deposit of 5% of the property's purchase price is required. However, a deposit of 20% or more can unlock better loan rates. If you own another property, equity may also be used to reduce the cash deposit needed.

Lenders use their own formulas to calculate borrowing limits. They consider factors such as income, existing debts, and household expenses. Loan limits can vary significantly from one lender to another.

A fixed-rate home loan locks in the interest rate for a set period, typically one to five years, ensuring stable repayments. A variable-rate loan, however, fluctuates based on market interest rates, meaning repayments can increase or decrease over time.

Common documents include proof of identification, income statements (such as payslips, tax returns, and financial records), and statements for existing loans and bank accounts. Additional documents may be required depending on your situation.

Yes. If you plan to buy a home within the next three months, a pre-approval can help identify potential issues, clarify your budget, and streamline the approval process once you find the right property.

Pre-approvals generally remain valid for 90 days. You may need to provide updated financial documents when you apply for final approval after finding a property.

Yes. A pre-approval is conditional and not a final guarantee. If your financial situation changes, conditions are unmet, or the lender updates its policies, your application may still be declined.