It is a good idea to get a pre-approval and it’s essential if you are going to BUY in Auction. Pre-approvals generally last for at least 3 months and can be extended to 6 months if needed. It doesn’t cost anything to get a pre-approval however you must remember that the pre-approval will always be subject to suitable security and valuation. Although you have been pre-approved you are still required to find a security that is suitable to the bank. So always let your broker Know what area (suburb) you are looking at as banks even postcode restrict.