A home loan pre-approval can give you a big head start when you’re ready to buy a home. It shows sellers you’re serious and helps you house hunt with confidence.
Key Points You Should Know
Pre-approval helps you understand how much you can borrow.
It’s not a final loan approval, but it puts you on the right track.
Once you find the right property, you’ll move on to final (unconditional) approval to get the funds you need.
What is Home Loan Pre-Approval?
A home loan pre-approval is an indication from a lender that they’re likely to approve your loan once you find a property and submit a full application.
Think of it as a “maybe” — not a “yes,” but a strong “we’re interested.”
While it’s not a guarantee, it gives you a good idea of your borrowing power so you can shop within your budget.
Why Get Pre-Approved?
✅ Know your budget – Save time by looking at homes you can actually afford.
✅ Make stronger offers – Sellers take you more seriously when you’re pre-approved.
✅ Faster process – Since most of your documents are already reviewed, final approval becomes quicker.
⚠️ Remember: Pre-approval doesn’t mean your loan is guaranteed. You’ll still need to go through the full approval process once you find a property.
How to Get Pre-Approved for a Home Loan
Here’s how we make it easy at Goodwill Finance:
Fill out a simple application form.
Provide basic financial documents (income, savings, debts).
We’ll assess your situation and recommend lenders who suit you.
We submit your application to the lender that’s most likely to approve it.
You receive your pre-approval and can start house-hunting with confidence!
💬 Need help with this? Talk to our friendly team at Goodwill Finance today!
Documents You’ll Need
To apply for a home loan pre-approval, you’ll need to provide:
Valid photo ID
Proof of income (e.g. payslips, tax returns, or income assessments)
Details of your savings and expenses
List of assets (like vehicles or other properties)
List of debts (like loans or credit cards)
How Long Does Pre-Approval Take?
It can take a few days to a couple of weeks, depending on:
The complexity of your situation
Whether you’ve submitted all required documents
How busy the lender is
Pro tip: Get everything ready early — it speeds up the process.
How Long Does Pre-Approval Last?
Most pre-approvals last between 3 to 6 months. After that, you may need to renew it.
What’s the Difference Between Conditional and Final Approval?
Conditional approval (pre-approval) is a “yes, if everything checks out.”
Final (unconditional) approval is the bank’s official green light.
The lender will only give final approval once:
Your property has been valued and accepted
Your finances are rechecked
Any extra conditions have been satisfied
What to Do After You Apply
Stay informed! Ask your broker or lender:
Has my application been accepted by the credit department?
What conditions must be met for final approval?
Can I meet these conditions before bidding at auction?
Can I be confident my loan will be approved?
Also, be aware: Interest rates and lending policies can change, even after pre-approval. Always check in with us before attending an auction or making an offer.
Why Might Final Approval Be Declined?
Here are some common reasons:
The pre-approval was a quick system-generated one that wasn’t properly assessed
The mortgage insurer declined your application
The property wasn’t acceptable security for the loan
The pre-approval expired
Your financial situation changed (new job, car loan, baby, etc.)
Lending policies or interest rates changed
Let Goodwill Finance Help You!
Our experienced brokers have worked in credit departments of major banks. We know how to:
✅ Find lenders who actually assess your pre-approval
✅ Avoid unreliable “instant” pre-approvals
✅ Help you understand exactly where you stand
✅ Ensure your application is strong and complete
💬 Ready to get pre-approved with confidence?
✅ Call us today at 0423 459 480.
✅ Email us at [email protected]
Let’s make your dream home a reality — Your Home. Your Dream. Let’s Make It Happen.
Goodwill Finance – Experts who care.
