Getting conditional approval to look for a property

Before you start your property search, it’s a great idea to get conditional approval for a home loan.

It gives you a clearer idea of what you can afford. And when the right home comes along, it puts you in a prime position to snap it up.

What’s conditional approval?

It’s a letter from your lender that states how much they’re likely to let you borrow based on your financial situation. If you receive a conditional approval letter from us, it means we've performed a credit check and assessed and validated your information – so you can put an offer down or bid at auction with confidence.

Reasons to get conditional approval

Know how much you could spend

Being confident about how much you could borrow means you can narrow down your property search to homes in your price range.

Act quickly when you find a property

It shows the seller that you’re making a serious offer, and gives them peace of mind that you can afford the property.

It’s especially a good idea to get conditional approval before bidding at auctions in Melbourne and Sydney.

How to apply for conditional approval

It’s a pretty straightforward process. A Home Lending Specialist or Broker can arrange it for you. You’ll need ID, income evidence, and a run down of your expenses, assets (what you own) and liabilities (your personal debt).

What about an approval in principle (or pre-approval)?

You might have heard of an approved in principle letter (also known as a pre-approval). This also indicates how much we might be able to lend you and includes a credit check. The difference is that the info you've given us hasn't been assessed or validated yet.

A Home Lending Specialist or Broker can walk you through the process and help you work out which type of letter might suit your needs.

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The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.