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How does full approval with Qantas Money work?

To give our full approval for a property, we need to confirm its value by one of the following methods: 

  1. Use an automated valuation model (AVM): For many properties, we can conduct a satisfactory valuation using an automated model, which occurs instantly when you input the address as part of our application. 
  2. Complete a desktop or full valuation: To streamline the process, we typically run an Automated Valuation Model (AVM) to evaluate your property. However, certain scenarios may warrant a desktop or full valuation, for example when there is a high LVR, a high value property (exceeding $2M in value), or based on our review of account activity.

If you made a bid based on pre-approval from another lender, or without any financing arranged, and you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require Lenders Mortgage Insurance).

Whichever valuation type you need, it’s at no cost to you.

You’ll need to provide the exact address of the property you want to buy and complete the rest of the application. Find out more about what happens once an application is submitted here.

How do I bid at auction?

It’s common for buyers to bid with only pre-approval, which can be quite risky. Since auction sales are typically unconditional and final, you are required to pay your deposit immediately after the hammer falls.

With Qantas Money, we only offer full approval, which requires you to provide the exact address for the property. You are only able to go to auction with full approval if we’re able to run an AVM. If we can't run the AVM, we’ll need more time to order a full or desktop valuation before we can fully approve you.

If you intend on using full approval to bid at an auction, please call one of our Qantas Money Home Loan experts on 1300 992 700. They’ll be happy to help you through the process.

What if I don’t get the property?

Please give us a call on 1300 992 700 if you don’t end up purchasing the property you applied for, or if you had full approval and your settlement fell through. There’s no need to submit a new application, as we can change the property on your existing application and hopefully offer full approval on the new property as well.

Read more about applying for a Qantas Money Home Loan in our FAQ.

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