Pre-approvals (or approval in principal) are initial assessments that give your customer confidence they’re looking at the right type of properties based on their circumstances and when they’re ready to place an offer, they’ll be able to act quickly.
To get started, you’ll need to submit an application in ApplyOnline.
A pre-approval home loan application is valid for 90 days from the date it was 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.
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 (including security address), and to let us know it's a pre-approval, you’ll also need to:
As this is a pre-approval, you may not have a security address to include in the application. Once you select Yes for “Is this a pre-approval?’, you’ll be able to input a ‘TBC’ or ‘to be provided’ and proceed with the application.
Please note, the address will need to be provided and validated once the pre-approval status is removed.
Once you’ve submitted a pre-approval, you can make edits to the application in ApplyOnline and resubmit it to us. This won’t change the expiry date of the pre-approval. Examples of changes that can be completed:
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.
Pending further review: There may be instances where the pre-approval application requires further clarification and is put into a pending status for review. The application will be sent to our credit team to review and potentially add conditions. Our team will review these applications within our current processing times, which can be found within Broker Portal. Please note, this is not a full assessment.
Where the application doesn’t meet our pre-approval criteria, we’ll inform you and your team 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 credit assessment. You’ll need to:
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