How long does a pre-approval last, and can it be extended?

Pre-Approval will typically last 90 days and can be extended for another 90 days by providing updated income documents and bank statements.

Hi there, Usually a pre-approval will last 90 days and is easily extended for another 90 days with most lenders providing your latest payslips and a letter confirming your financial situation has not changed. If you are self employed then you would only need the latter.

A pre-approval is a great way to get an idea of how much you can borrow and what kind of loan you can get before you start looking for a property. It’s a good idea to get pre-approval before you start looking for a home, as it can give you an idea of what you can afford and help you narrow down your search. Pre-approvals are usually valid for 3-6 months, depending on the lender. If you’re not able to find a property within that time, you can usually extend the pre-approval for another 3-6 months. It’s important to check with your lender to make sure they’re willing to extend your pre-approval and to find out what the conditions are. It’s also important to remember that a pre-approval isn’t a guarantee that you’ll be approved for a loan. Lenders will need to assess your financial situation and the property you’re interested in before they can give you a loan. If you’re looking for the best home loan rate, check out Goodrate on https://goodrate.com.au/home-loan to see current interest rate offers.