Key takeaways
- Pre-approval is a conditional finance commitment from a lender before you buy, telling you roughly what you can borrow.
- It typically lasts around 90 days, though this varies between lenders.
- Getting it requires a full credit assessment and income verification, not just a quick online estimate.
- It becomes unconditional once the lender has valued the property and reviewed the contract.
Few things are more deflating than finding the right place and then scrambling to sort finance while someone else snaps it up. Pre-approval takes that pressure off. Andy has guided Western Australians through this since 2000, and he will tell you straight: getting properly pre-approved before you shop is one of the simplest ways to buy with confidence.
What Pre-Approval Means
Pre-approval, sometimes called conditional approval, is a lender saying it is willing to lend you up to a certain amount, subject to a few conditions. It is not the final tick, but it is a serious indication based on a real look at your finances, which is very different from an online borrowing calculator.
How Long It Lasts
Most pre-approvals last around 90 days, with some variation between lenders. If you have not bought by the time it expires, it is not the end of the world, it usually just needs to be refreshed with up-to-date payslips and statements.
What It Involves
Real pre-approval requires a full credit assessment and income verification. The lender checks your credit history, confirms your income and looks at your expenses and existing debts. This is why a pre-approval from a broker who has done the legwork carries weight.
From Conditional to Unconditional
Pre-approval becomes unconditional once the property is valued and the contract reviewed. So even with pre-approval, the specific property still needs to stack up. This is worth understanding before you bid, because pre-approval covers you, not necessarily every property at every price.
| Stage | What it means |
|---|---|
| Borrowing estimate | A rough online guide, no checks done |
| Pre-approval (conditional) | Lender assessed your finances, subject to conditions |
| Unconditional approval | Property valued, contract reviewed, finance confirmed |
Why It Strengthens Your Position
Pre-approval strengthens your hand in negotiations and at auctions. Agents take pre-approved buyers more seriously, and you can bid knowing your limit rather than guessing. At auction especially, where there is no cooling-off period, going in without finance sorted is a real risk.
The Next Step
Thinking about buying in Mandurah or the wider Perth area? Get pre-approved first. Andy will tell you what you can comfortably borrow and answer his phone when something urgent comes up at the open home. See first home buyer home loans, read up on stamp duty in WA, then get in touch.
Pre-Approval Questions
Does pre-approval guarantee I will get the loan?
No. It is conditional. The property still needs to be valued and the contract reviewed before finance is unconditional. Andy will explain what conditions apply to you.
Will getting pre-approved hurt my credit score?
A pre-approval involves a credit enquiry, which is recorded. That is one reason not to apply with several lenders at once. A broker lets you compare without scattering enquiries.
What happens when my pre-approval expires?
If you have not bought within the validity period, it usually needs to be resubmitted with current income and financial details. Andy can refresh it quickly.
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