After a property is selected, the lender may order a valuation, verify updated documents, confirm the contract and reassess serviceability if relevant information has changed.
What to understand first
Pre-approval can expire and conditions still apply. A new liability, changed income or different property may require further assessment.
What lenders may consider
Tell your broker about material changes before signing or settling. Keep copies of the contract, valuation information and requested documents.
Practical next steps
Gather the relevant documents and compare the complete position, including repayments, fees, timing and the purpose of the finance. Lender policy varies, and information should be confirmed for the application being considered.
Keep the application current
A pre-approval can be affected by a changed property, new liability or material change in income before settlement.
- Tell the broker about changes before signing or taking on new debt.
- Keep the contract, valuation and requested documents organised.
- Treat the final decision as conditional until the lender confirms it in writing.
This article is general information only and is not personal financial, legal, accounting or tax advice. Credit is subject to lender criteria, eligibility and approval.
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