Get Pre-Approval Ready for Your Home Loan

No. Pre-approval indicates how much a lender may be willing to lend based on the information assessed at the time, but it is conditional and not a final commitment. Final or unconditional approval still depends on the lender’s assessment of the specific property, a satisfactory valuation, confirmation that your circumstances have not changed, and any further checks the lender requires. Pre-approval is a useful planning tool, not a promise. All applications remain subject to lender assessment, lending criteria and approval.

Most lenders issue pre-approval for a limited period, commonly around 90 days, though this varies by lender and product. After that window it usually lapses and may need to be refreshed with updated income, expense and credit information. Because pre-approval is time-limited, we help you time it sensibly against your property search so it is still current when you find a home. If it expires, we can assist you to renew it, which may involve a fresh assessment by the lender.

Lenders typically want identification, recent payslips and an income statement for salaried applicants, or two years of tax returns and financial statements for self-employed applicants. They also look at bank and savings statements, existing loan and credit card statements, details of living expenses, and evidence of your deposit and its source. Requirements differ between lenders. We give you a tailored checklist up front so you gather the right paperwork once, rather than going back and forth.

Self-employed income is read differently to a salary. Lenders generally rely on your lodged tax returns, business financial statements and sometimes business activity statements, and they may add back certain non-cash or one-off items such as depreciation. Because we also prepare returns and financials for many clients, we can help present your income clearly and explain add-backs in the way lenders expect. Our guide to self-employed borrowing capacity walks through how lenders view business income in more detail.

It can. Some pre-approvals involve a full credit enquiry that is recorded on your credit file, while others are a lighter system-generated indication. Multiple enquiries in a short period can affect how lenders view your application, so it is worth being deliberate rather than applying widely. We talk through the type of pre-approval that suits your situation before anything is submitted, so you understand the implications and avoid unnecessary enquiries while you are still comparing your options.

This page focuses on getting pre-approval ready — the documents, income verification and conditions you should understand before you apply, with particular attention to self-employed borrowers and the coordination between your accountant and broker. Our broader pre-approval overview covers the concept and where it fits in the loan journey more generally. If you want the wider picture first, start there, then return here when you are preparing the actual paperwork and want a practical, document-level readiness plan.

You can, but you should understand the limits. Pre-approval signals a lender’s in-principle willingness based on your finances, not the specific property. The lender still needs to assess and value the property you choose, and unconditional approval is only issued after that. For this reason, many buyers make offers subject to finance where the contract allows. We help you understand what your pre-approval does and does not cover, so you can negotiate with realistic expectations and avoid committing beyond your position.

Common reasons include a property valuation coming in lower than the purchase price, a change in your income or employment, taking on new debt or large new expenses, a drop in your deposit, or new information appearing on your credit file. Lender policy can also change. Because final approval depends on the lender’s assessment, valuation and final checks, we encourage you to keep your finances stable between pre-approval and settlement, and to tell us promptly about any change so it can be managed early.