Home Loan Pre Approval

Getting home loan pre-approval

A home loan pre-approval takes the uncertainty out of searching for a property by providing you with an excellent guide on how much you can afford to spend and allowing you to negotiate more strongly on price. It is suitable for both auction and vendor-negotiated purchases and generally lasts for three months.

For more security, most borrowers will go a step further and obtain a formal written pre-approval which acts a commitment from the lender on how much they will lend to you. As with most pre-approvals, there are conditions that need to be met some which include:

finding a suitable property
receipt of a registered valuation
mortgage insurance acceptance (if applicable)

5 quick steps to home loan pre-approval

If you want to be 100% confident, get your mortgage broker to help you with your home loan pre-approval. They can help you find a competitive home loan, negotiate a better deal with your preferred lender and even help complete your paperwork. Simply email us the form below or call us on (or +61 2 9249 3739 for international callers).


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Make sure you get formal unconditional pre-approval

Many home loan pre-approvals are only indications. If you want something you can rely on, you must get unconditional pre-approval. As a rule of thumb, it will typically cost you some money in processing and assessment fees. It is however the only way to get the pre-approval you need to negotiate with confidence or bid at auction under almost the same conditions as a cash contract.

When you get home loan pre-approval, if you can, consider applying for more funds than you need. You don't need to use the whole amount you are approved for, but if you find a property that is priced at a higher amount, you are still free to negotiate. It is advisable to talk to your local mortgage broker to determine your borrowing capacity before getting pre-approval.

Be aware of home loan pre-approval conditions

All home loan pre-approvals are subject to the conditions under which the approval is granted. As a guide, these generally include:

finding a suitable property
receipt of a registered valuation
mortgage insurance acceptance (if applicable)

After you found your property

Once you have found your property, you will need to advise your mortgage broker and provide a copy of the contract of sale. Full approval of your loan can take as little as an hour or it may take a few days if valuations are required.

More information or help

For confidential assistance with your home loan or to talk to your local mortgage broker, call us at any time on 13 LOAN or call our direct line on +61 2 9249 3739.

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