Home loan pre-approval in Perth
Home loan pre-approval: what it is and how it works
Home loan pre-approval is a lender's in-principle agreement to lend you up to a set amount, so you can house hunt knowing your budget. We gather your documents, apply with a lender that suits you, and tell you plainly what your number means.
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What is pre-approval, in plain language?
Pre-approval, also called conditional approval, is when a lender looks at your income, debts and savings and agrees in principle to lend you up to a certain amount, subject to conditions.
It's the closest thing to a price tag before you start looking. With pre-approval in hand, you know the range to search in, you can make an offer or bid at auction with more confidence, and agents can see you've done the groundwork.
The two names mean the same thing. Some lenders say pre-approval, some say conditional approval or approval in principle. What matters more is how thoroughly the lender has checked your details. A quick online estimate is not the same as a fully assessed pre-approval, where a credit assessor has gone through your documents.
Pre-approval is not a guarantee. Unconditional approval comes once you've had an offer accepted on a property and the lender has valued it and completed its final checks.
The documents you'll need
For pre-approval you'll usually need ID, proof of income, recent bank statements showing your savings, and details of your debts and living expenses.
- ID, such as a passport and a driver's licence
- Recent payslips, and a letter or contract from your employer if you're new in the role or on a FIFO roster
- Tax returns and notices of assessment if you're self-employed, or if you earn commission, bonuses or overtime
- Bank statements for your savings and everyday accounts, showing how your deposit has built up
- Details of your debts, including credit cards (and their limits), car loans, buy now pay later and HECS or HELP
- Your living expenses, from groceries and bills to subscriptions and travel
- Other assets, such as super, shares or any other property
Lenders differ in exactly what they ask for and how far back they look. We give you a checklist that matches the lender we're applying with, so you only gather what's needed, once.
How long does pre-approval take?
A fully assessed pre-approval often takes from a few business days to around two weeks, depending on the lender and how complete your documents are.
Complete documents
Missing payslips or unexplained transactions are the most common cause of delays. Getting everything together upfront saves days.
How you earn
A simple salary is usually quicker to assess. Self-employed income, casual work or a mix of base pay and allowances can take longer.
The lender's queue
Processing times vary between lenders and change through the year. Part of our job is knowing which lenders are moving quickly right now.
How long pre-approval lasts
Pre-approval commonly lasts around 90 days (three months), although this varies by lender, and it can often be renewed with updated documents.
If your pre-approval runs out before you find a home, the lender will usually want fresh payslips and bank statements and may reassess you. Your borrowing power can change in that time, especially if interest rates, your income or your debts have moved.
Timing matters most if you're buying in a new estate or waiting on a build, where the gap between signing and settlement can be long. In that case we plan when to apply, so your approval is current when you need it.
Before you apply, you can get a rough idea of your range with our borrowing power calculator.
Does pre-approval affect your credit?
A fully assessed pre-approval usually involves a credit check, which is recorded on your credit file as an enquiry.
One enquiry for a home loan is normal and expected. The issue is several applications with different lenders in a short time, which can look bad on your credit report and make the next lender more cautious.
That's one of the quiet advantages of using a broker. We look at your situation and each lender's policy first, then apply with the one most likely to suit you, rather than you applying to several banks to see who says yes. It's how we stay on your side, not the bank's.
How we help, step by step
We work out what you could borrow, choose a lender that fits your situation, and handle the pre-approval application with you.
Have a chat
Tell us about your income, savings and the kind of home you're after. No jargon, no obligation.
Gather documents
We send you a checklist for the lender we're likely to use and check everything before it's submitted.
Compare and apply
We compare lenders on our panel, explain the options, and lodge the pre-approval with the one that suits you.
Shop with confidence
You get a clear budget to search with, and we stay on hand for offers, renewals and the final approval.
Rated five stars by the people we help
"As first home buyers, Lucy made the entire process simple, stress-free and easy to understand. Her communication, professionalism and genuine care were outstanding. We secured our dream first home in record time!"
"Friendly, knowledgeable and incredibly responsive throughout. She made everything feel easy and stress-free, and always took the time to patiently answer all of our questions. We felt supported every step of the way."
"Maddy has been exceptional helping us navigate getting our mortgage to build our home. Always super friendly and always has the time to answer any burning questions. Would highly recommend Maddy and Oui Finance to everyone!"
Frequently asked questions
Is pre-approval the same as conditional approval?
There's no real difference, because pre-approval and conditional approval are two names lenders use for the same in-principle agreement to lend.
The more useful question is whether your pre-approval was fully assessed by a credit assessor, or generated automatically from a quick online form.
How long does home loan approval take after pre-approval?
Once you have an offer accepted, final approval depends mainly on the lender's valuation of the property and any updated documents, and timing varies between lenders.
Having a current, fully assessed pre-approval usually makes this step quicker, because most of the checking is already done. We keep you updated so you can meet the dates in your contract.
Am I tied to the lender after pre-approval?
No, pre-approval doesn't lock you in, so you can still choose a different lender before you take out the loan.
Switching does mean a new application and another credit check, so it's worth choosing carefully the first time.
Do I need pre-approval to make an offer?
You can make an offer without pre-approval, but you won't know for sure how much you can borrow, and some sellers and agents favour buyers who have it.
If you make an offer first, ask whether the contract can include a finance clause that gives you time to arrange the loan.
Get your pre-approval sorted
A first chat with Oui Finance is complimentary, and we'll tell you honestly what you could borrow and how to get pre-approved without the guesswork.
Send us a few details and one of our brokers will be in touch. You can also call us on 0448 383 336.
This page is general information only and does not take your personal circumstances into account. Pre-approval is not a commitment to lend, and how long it lasts, what documents are needed and how long it takes are set by each lender and can change. Lender credit criteria, terms, conditions, fees and charges apply, and your full financial situation will be reviewed before any offer or product is accepted.