Home loan pre-approval

Pre-approval means a lender has provided an obligation-free estimate on the amount you can borrow to purchase a property, but they have not provided formal approval. Having pre-approval does not mean your home loan is locked in. There are various terms, conditions and lending criteria that must be met to receive final approval.

Obtaining pre-approval could:

• Give you a realistic view on what property you might be able to afford.
• Help you feel more confident when making an offer.
• Make you seem like a more serious buyer in the eyes of the agent and seller.
• Help you to move quickly to secure your dream property.

These terms mean the same thing. The initial process a lender undertakes to determine your financial position and how much they may be willing to lend you. Pre-approval is subject to terms, conditions and lending criteria.

Finding your dream property can take time or in some scenarios, it can happen very quickly. Therefore, there is no "right" time to apply. However, it's important to note that Bendigo Bank pre-approval is valid for 2 months or 60 days (provided your circumstance don't change). Take this into consideration when applying, if you apply too early you may risk needing to re-apply and applying too late might mean you don’t feel confident to buy your dream property.

You can apply online , in person via a branch, or with help of a home loan specialist. Remember, a pre-approval gives you an idea of how much you might be able to borrow, it is not a formal approval.

Bendigo Express pre-approval lasts for 60 days, pending your circumstances don’t change. If your pre-approval expires before you buy a property, you will need to re-apply.

Complete Home Loan pre-approval lasts for 60 days, pending your circumstances don’t change. If your pre-approval expires before you buy a property, you will need to re-apply.

Bidding at auction with a pre-approval does come with risk, auction sales are typically unconditional. Although it’s common for buyers to bid with a pre-approval, the lender hasn’t guaranteed to lend the funds yet. This means they could still decline the loan.

Aim for a full approval. You will need to provide the exact address of the property and all checks will need to be completed. This would provide you with greater confidence when going to auction.

A home loan can be declined despite gaining pre-approval if it does not meet the lender's lending criteria. Some examples of this could include the property type, changes in your circumstances and the property's value.

You can continue searching for the property you want to purchase. Once you decide to put in an offer and it is hopefully accepted, you will then need to apply for formal approval.

Don’t worry, we will email you a reminder if you have applied online via our Express Home Loan 5 days before expiry that will allow you to extend your offer by another 60 days and we will be happy to help you through the process.

If you have applied in person with a lender via our Complete Home Loan, after the 60 days you will need to speak to your lender who will review your application and assist you with extending your offer by another 60 days.