What is an In-Principle Approval (IPA) and why do I need one?

An In-Principle Approval (IPA) is a bank's preliminary assessment of the maximum loan amount you qualify for based on your current financial profile. It is not a guarantee of final loan approval - formal approval depends on the property's valuation and your financial circumstances remaining unchanged at the time of application.

IPAs are typically valid for 30 to 60 days depending on the bank. If your income, employment, liabilities, or credit score changes during this period, the bank will reassess your eligibility.

Cashew streamlines the IPA process by submitting your application to multiple banks simultaneously, allowing you to compare offers and secure the best terms without the hassle of approaching each bank individually.