Buying your first home is exciting, life-changing, and challenging. You’re bound to have questions and many things to consider. Home loan pre-approval provides some initial comfort that you will be able to apply for a loan with us giving you confidence in your search.
Pre-approval, also known as approval in principle or conditional approval is where Australian Unity Bank conditionally approves a home loan before you buy a property subject to then satisfying specific conditions when actually applying for your home loan with us. You provide us with information about your financial position, and we can give you an indication how much you can borrow.
When we say conditionally approve, we mean your home loan isn’t guaranteed – as pre-approval isn’t a full or final home loan assessment. Pre-approval confirms that your application fits Australian Unity Bank’s lending criteria but remains subject to conditions such as proof of purchase of a property, acceptable valuation of the property you plan to buy, and providing evidence about your financial information).
Presuming no material changes in your financial circumstances or market forces outside your control, a home loan pre-approval is valid for around three months. This may differ from lender to lender.
Home loan pre-approval is very useful as it helps you understand what and where you can afford to buy, what you’re comfortable repaying, whilst making negotiating easier (sellers will see you as a serious buyer).In addition, applying for a home loan pre-approval is fast and doesn’t impact your credit score – so there’s no harm done.
Whether you’re looking to get pre-approval with us, move to a full home loan application, or just after more information about the process, we’re here to explain the finer details and what to expect.
Terms and Conditions