Home loan pre-approval, explained
Pre-approval is a lender’s written indication of what it will lend you. Some are worth more than others.
Two kinds of pre-approval
A fully assessed pre-approval means a credit assessor has read your payslips, statements and credit file. A system-generated one is a computer response to the figures typed in, with nobody checking the documents. Liam worked on the assessing side: the second kind is where surprises come from later. We ask for full assessment wherever the lender offers it.
What it does and doesn’t cover
Pre-approval covers you: your income, debts, savings and credit history. It doesn’t cover the property. The lender still has to value the home you choose and may decline some property types, such as very small apartments or homes with certain hazards.
How long it lasts
Most pre-approvals run for about 90 days and can be extended with updated payslips. If your job, income or debts change in that time, tell us, because the lender will check again before formal approval.
Making an offer in Tasmania
Private sales in Tasmania have no automatic cooling-off period. Even with pre-approval, make your offer subject to finance with enough days for the valuation and formal approval. At auction there are no conditions, so talk to us before you bid.
Questions people ask
Does pre-approval affect my credit file?
Yes, it is recorded as an enquiry. One or two is fine. Several in a short period can raise questions.
Can I get pre-approval before I have a full deposit?
You can find out your borrowing power at any time. Lenders want to see the deposit before they pre-approve.
General information, last updated November 2026. Scheme figures, lender policies and duty rates change, so confirm them before you rely on them.
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