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When should you get Pre-approval for a home loan?

You can apply for Pre-approval anytime, but we’d recommend applying when you seriously start looking for a property to buy, or you’re getting ready to make an offer. Once you’ve been pre-approved you can use the online portal to add the address of a property you’re interested in, to ensure we can lend against it. 

It’s worth keeping in mind that your Qantas Money Home Loan Pre-approval is valid for 60 days, and can be extended for a further 60 days.^ Please note, if any of your personal or financial information changes after you have applied for Pre-approval, you will need to update it in the portal.

There will be a credit check during your application, so make sure your other credit accounts are in good standing before you apply.

^ Pre-approved loan amount is based on the information available at time of assessing in addition to product interest rate and bank credit policy at time of application. If your circumstances change during the application process, or our interest rates increase or the property value is less than anticipated or is an unacceptable security to the bank, we may offer a reduced loan amount or may not be in a position to continue with this loan. Before we can finalise a full approval, we'll also need the signed Contract of Sale to complete some final checks and obtain a formal valuation to confirm the property value. Your Pre-approval is valid for 60 days. We’ll only be able to renew it once for an additional 60 days and updated financial information may be required for a Pre-approval extension. If your Pre-approval has expired, you’ll need to start a new application. There are risks associated with relying on a Pre-approval when bidding at auction and/or entering into a contract of sale particularly when it is not a cash unconditional contract. We recommend you seek legal advice and financial advice before entering into any legally binding contracts or agreements

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