Pre-Approval
If you’re buying—especially at auction—getting pre-approved is essential. It clarifies your budget, strengthens your position, and avoids last-minute surprises.
Why get pre-approved?
- Know your budget
Target the right properties and negotiate with confidence. - Faster turnaround
Much smoother path from offer to unconditional approval. - Essential for auctions
Auctions are unconditional—pre-approval is non-negotiable.
How long does it last?
Pre-approvals generally last for at least 3 months and can often be extended to 6 months if needed. There’s usually no cost to obtain a pre-approval.
Important conditions
Your pre-approval is always subject to suitable security and valuation. Even with a pre-approval, the bank still needs to accept the specific property you’re buying. Always let your broker know the area (suburb) you’re targeting—many lenders apply postcode restrictions for certain property types or high-density locations.
What lenders assess
- Income & employment
Payslips or tax returns and ABN history for self-employed. - Debts & credit
Credit cards, personal loans, HECS/HELP, and your bureau file. - Living expenses
Verified against recent bank statements. - Deposit & buffers
Evidence of savings and a margin for costs and movements.
Documents checklist
- ID (licence/passport/Medicare)
- Recent payslips & group cert / or last 2 years tax returns (self-employed: personal + company)
- Last 3 months bank statements (transaction + savings)
- Statements for any credit cards, personal/car loans, HECS/HELP
Buying at auction? My advice
- Have a genuine pre-approval first
Desktop “approvals” or calculators aren’t enough. - Check the property type/postcode
Confirm there are no lender restrictions before bidding. - Get the contract reviewed
Have your conveyancer/solicitor check it pre-auction. - Do your inspections
Building/pest (or strata review) completed before auction day.
Opinion: pre-approval is non-negotiable for auctions—it protects you from avoidable stress and costly mistakes.
Ready to start your pre-approval?
I’ll confirm your borrowing power, lender fit, and any postcode/property constraints—so you can buy with confidence.