Pre-approved?

Conditional Approval, what does that mean?

Well at its simplest, it means you have spoken to a lender and they have agreed that based on your stated level of income and assets they should be able to lend you the money that you are looking for. This can mean that at some future date that lender will wish to validate all of the information that you have stated (often once you lodge a formal application and present them with a contract to purchase).

At best case is that Conditional Approval sees the lender complete a full application with you and validate all of the information (account balances, existing debts, income, credit history etc), before offering conditional approval. This sees that the main remaining requirement is valuation of the target property and acceptance of the debt by the Mortgage Insurer if required.

I offer all of my customers the second of these two options to ensure that they are in the best possible position that they can when they identify their dream home.

This speeds up their process and reduces their stress at the pointy end of their purchase process. Buying a home is stressful enough, with so many tasks to complete with solicitors, building and pest inspections, changing bank account details, moving etc etc etc without having to jump through all kinds of hoops for the bank at the same time.

Don't get caught without a fully validated Conditional Approval, it costs nothing more and makes things so much easier once you have a purchase contract.

And let's be clear, a questionnaire completed online, is generally not a Conditional Approval.