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“What is Conditional Approval (Pre-Approval)?”

In this short video, I’ll explain the Conditional Approval process and why it is important step in your Home Buying Journey.

Firstly, what is Conditional Approval?

Sometimes you’ll hear ‘Pre-Approval’, which is also the same thing.

When your application is conditionally approved, the bank has assessed the information and your supporting documents and are happy to provide you finance subject to various conditions.

What are these conditions?

These conditions will generally be:

• Bank valuation
• Contract of sale
• Financial position and employment details remain the same
• Standard lending criteria
• Debt reduction prior to formal approval, new documents etc.

Why is it important to have a conditional approval?

Obtaining conditional approval is better than being pre-qualified because it will give you the confidence knowing you're a few conditions away from Formal Approval.

What happens next?
Once you’ve addressed these conditions, and the bank is satisfied with the outcome, your application will progress to formal approval.

In summary, a conditional approval is handy to have in your back pocket when you're house hunting because you know most checks have been completed. And if you stay within the parameters of the conditional approval, then you have a high chance of formal approval.

As always, any advice that I have provided is general in nature and not personal advice.
Please speak to a qualified mortgage broker before making any financial decisions.
If you need assistance with your home loan or would like more information, please send me a message, or leave a comment below.
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Have a great day, everyone!

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