A pre-approval, sometimes called conditional approval, is a lender’s indication of how much it’s prepared to lend you, based on the information you’ve provided. It isn’t a final approval, but it gives you a clear budget before you start making offers.
Why it helps
- You know your price range before you look
- Agents and sellers can see you’re a serious buyer
- You can move quickly when you find the right home
- Any issues with your application come up early
How long it lasts
Pre-approvals usually last around three to six months, depending on the lender. If your circumstances change, such as a new job or a new debt, tell George, as it can affect the final approval.
Final approval
Once you’ve found a property, the lender values it and checks your documents again before giving final approval. George manages this step and keeps you updated until settlement.
This article is general information only and does not take into account your objectives, financial situation or needs. It is not credit advice. Credit Representative 406032 is authorised under Australian Credit Licence 384408. Australian Credit Licence 384408 is held by Elders Home Loans Pty Ltd (ABN 22 118 064 654).
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