Get a home loan pre-approval

Apply online in minutes. When you pre-qualify for home loan you'll be ready to buy when you find your perfect home.

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What is a pre-approved home loan?

A pre-approved home loan is an agreement by a lender, in principle, to help borrowers finance their house purchase. It signifies that the borrower is eligible to apply for a mortgage and provides an estimate of how much they'll be able to borrow.

Take note, a pre-approved home loan is not a guarantee of finance and is not equivalent to a home loan. Home loan pre-approval gives you an idea of what loan products and borrowing capacity you may qualify for.

With a pre-approved home loan, you know how much you could potentially borrow. This makes house hunting much easier because you know where your financial limits are. When putting down an offer on a home, a home loan pre-approval shows sellers that you're serious about homebuying putting you in a better light.

Why choose loans.com.au for a quick pre-approval decision

Fast pre-approvals

Apply online or chat to one of our Australian based lending specialists for a quick pre-approval decision and easy application.

Flexible options

Looking to save with an offset, or make extra repayments with a redraw? We have a full range of loan options to lifestyle.

Reduce repayments

With offset accounts and unlimited repayments on some of our home loans, you can reduce your repayments and loan term

No ongoing fees

You could save thousands on your home loan with no monthly or ongoing fees so you'll know what your repayments will be

What are the types of pre-approved home loans?

Not all pre-approved home loans are made the same. The two types of home loan pre-approval are:

System-generated pre-approval

This requires potential borrowers to submit a full application and upload supporting documents. The pre-approved home loan will be based only on the documents submitted. This is a fast and easy way to get a home loan pre-approval and requires no information verification. However, it has more conditions set in place and is not as reliable.

Full assessment pre-approval

For this pre-approved home loan, lenders will do a complete assessment of a borrowers financial history. This includes a credit check from an independent credit agency. The information about your finances will also have to be verified. This type of pre-approval may take a few days to be issued but can make applying for a mortgage easier.

How to get a home loan pre-approval

The process varies depending on the lender. At loans.com.au, we've streamlined the whole home loan pre-approval process to make it easy for potential borrowers. Here's a quick overview of the application process:

Step 1: Submit an online form or book an appointment with our friendly lending specialists so they can complete the form for you.
Step 2: We will keep you updated as we process your application. Your details, loan information, and credit report will be assessed against our lending criteria.
Step 3: Once your application is approved, you'll receive your home loan pre-approval, and you can begin your home-buying journey!

Our lines are open if you have any questions you may have about your home loan pre-approval. Speak to our lending specialists to discuss your home loan needs.

You can also use our online borrowing power calculator to get an idea of how much you could borrow.

How long does home loan pre-approval last?

A home loan pre-approval does have an expiration date. Home loan pre-approvals typically last up to 90 days or three months from the initial conditional approval date. You could have your pre-approved loan extended; however, this is subject to the discretion of your lender.

Consider the possible deadline when applying for a home loan pre-approval. Once it expires, you'll have to apply for a new one.

When should you get a home loan pre-approval?

The best time to get a pre-approved home loan is when you're serious about buying a property. By applying for a home pre-approval, you'll find out how much you could potentially borrow and what type of home loan you're eligible for. It will make house hunting easier as you won't waste time looking at homes that are out of your price range.

A pre-approved home loan can also help you during bidding or negotiations. It will show sellers you're serious about buying the property and it's unlikely you'll withdraw your application due to denied financing.

Ready to start saving on your home loan?

You'll be taken to the pre-qualify page where we get you into seeing if you’re eligible for a loan.

Do I Qualify?

Frequently Asked Questions

Can you get multiple home loan pre-approvals?

Although possible, getting multiple home loan pre-approvals from different lenders is not advisable. Each time you apply for a formal pre-approval, the lender will run a credit check on you.

Multiple credit checks in a short period can reduce your credit score. Numerous inquiries could lead lenders to regard you as a higher-risk customer, as it suggests you may be short on cash or getting ready to rack up a lot of debt. When getting a home loan pre-approval, it's best to apply to your preferred lender only.

What can you do after you get pre-approved?

You can use your pre-approved home loan to guide your search. It's easier to find the perfect home now that you have a better idea of your budget. You don't have to worry about going beyond your means and buying a home you can't afford.

If you've found your dream home, you can make an offer with more confidence. The home pre-approval shows sellers you're serious about buying and could get the financing needed to finalise the purchase.

What is pre-qualified vs pre-approval?

Pre-qualification is a quick and easy online process that gives you an estimate of your borrowing capacity. Pre-approval is a longer process that requires documentation and a credit check and tells you what you can actually borrow.

Can your home loan pre-approval application be declined?

Yes, it is possible to be declined a home loan pre-approval. Your financial circumstances may not match the criteria set by the lender. The type of property you choose may also affect your chances of getting approved. Lenders often rule out properties found unacceptably risky according to their benchmarks.

If your home loan pre-approval is declined, take the time to improve your financial circumstances. Or find a property that meets the lender's criteria. Talk to the lending specialists at loans.com.au about your home loan needs and find a loan that's perfect for you.