Pre-approvals (or approval in principle) are initial assessments that give your customer confidence they’re looking at the right type of properties based on their circumstances. When they’re ready to place an offer, they’ll be able to act quickly. Depending on your customer's needs, you can apply for a data assessed or fully assessed pre-approval.
To get started, you’ll need to submit an application in ApplyOnline.
A pre-approval or conditionally approved home loan application is valid for 90 days from the date it was initially submitted via ApplyOnline. If changes are made to the pre-approval by editing and resubmitting the application, this won’t reset or renew the 90 days.
As the pre-approval approaches the expiry date, we’ll update you via back-channel messages in ApplyOnline and on your ‘Application’ tab in Broker Portal. These will be sent:
To extend a pre-approval, you’ll need to clone and resubmit the application. Once approved, the pre-approval will be valid for another 90 days.
A pre-approval or conditionally approved home loan application can’t be extended beyond 90 days from the day it was initially submitted via ApplyOnline. If your pre-approval has expired prior to your customer finding a property, you’ll need to clone and resubmit the application. Once approved the new pre-approval will be valid for a further 90 days. Formal approval must be achieved before the expiry date to avoid needing to resubmit.
You’ll need to start an application in ApplyOnline and follow the steps on how to submit a home loan application for your customer, including verifying their identity. There are no additional forms required for the pre-approval application.
You’ll need to complete all mandatory sections of the application. To let us know it's a pre-approval based on the type of assessment you require, follow the steps below:
As this is a pre-approval, you may not have a security address to include in the application.
For data assessed pre-approvals, once you select Yes for ‘Is this a pre-approval?’ you’ll be able to proceed with the application without providing an address.
For fully assessed pre-approvals, once you select No for ‘Is this a pre-approval?’ you’ll be able to input ‘1 TBA Street’ and proceed with the application.
Please note, once your customer has found a property, the address needs to be provided and validated before proceeding to full assessment.
Your customer(s) needs to verify their identity using NextGenID to submit a pre-approval application via ApplyOnline.
If they’ve completed NextGenID previously, you may be able to re-use their NextGenID report.
If you’ve submitted a data assessed pre-approval application that’s referred to you without a conditional approval, we’ll send you a back channel message requesting that you speak to your BDM.
Your BDM will advise whether you should resubmit the application and what you need to do. This may include converting the application to a fully assessed pre-approval by:
We recommend waiting until your customer has found a property and is ready to proceed to formal approval before editing and submitting your pre-approval application.
Data-assessed: Once the application is submitted as a pre-approval, we’ll assess the application based on the data provided and run a credit report for your customer. If conditionally approved by our system, we’ll provide a list of conditions that the approval is subject to. When ready to progress with the full assessment, these documents will need to be uploaded to Broker Portal for our team to progress the application.
Fully assessed: The application will be sent to our credit team to review and fully assess the pre-approval. Our team will review these applications within our current processing times as listed in Broker Portal.
Where the application doesn’t meet our pre-approval criteria, we’ll inform you via back channel messages in ApplyOnline and in the Broker Portal.
Once conditionally approved, we’ll send a conditional approval email to the broker noted on the application. This email will outline the conditions the formal approval is subject to.
Within the email, we’ll attach a conditional approval letter for your customer. Once received, you can send the letter to your customer and review the details of the application with them to confirm all information is correct.
To open the conditional approval letter, your customer will need to enter in a password. We’ve provided further details of this password in the email we sent to you.
When sending through to your customer, let them know what the password is to provide them access to the letter.
Once your customer has successfully secured a property, you’ll be ready to proceed to a full credit assessment.
In Broker Portal:
Then, in ApplyOnline:
In ApplyOnline:
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