Pre Approval Home Loan: Your First Step to Buying a Property

What Is a Pre-Approval Home Loan?

A pre-approval home loan, also known as conditional home loan approval, gives you an estimated borrowing capacity before you find a property. It shows sellers and agents you’re a serious buyer, giving you the edge in competitive markets.

Unlike final approval, which happens after finding a home, pre-approval is your “go-ahead” to shop confidently.

Why Get Pre-Approved Before You Start House Hunting?

Before you attend your first open home or bid at an auction, having a home loan pre-approval in place can save you time, stress, and missed opportunities. It’s not just about knowing what you can afford. It’s about putting yourself in control.

The Benefits of Getting Pre-Approved

1. Know Exactly What You Can Borrow: With a pre-approved mortgage, you’ll know your maximum loan amount based on your income, deposit, and expenses. That means no second-guessing whether a property is in your price range.
2. Boost Your Buyer Confidence: Whether it’s your first home or your next investment, pre-approval gives you the confidence to make offers or bid at auctions, knowing you’re financially ready.
3. Strengthen Your Offer: In hot markets, sellers are more likely to accept offers from pre-approved buyers. It shows you’re serious, credible, and ready to move forward immediately.
4. Streamline the Final Approval Process: Because the lender has already assessed your finances during conditional approval, the path to final approval (once you find a property) is typically quicker and smoother.
5. Avoid Wasted Time: Without pre-approval, you risk falling in love with a property you can’t afford or worse, being declined after making an offer. Pre-approval sets clear boundaries from day one.
6. Plan for Renovations: Stryve also goes beyond traditional lenders by offering pre-approval for renovation loans. So you can shop for fixer-uppers with financing already in place for upgrades.

Tip: “Pre-approval is not a commitment to borrow. It’s a commitment to be smart with your home buying journey.”

How the Home Loan Pre-Approval Process Works (Step-by-Step)

At Stryve Finance, getting pre-approved for a home loan shouldn’t be confusing or time-consuming. That’s why we’ve simplified the journey from first contact to conditional approval into a transparent, 5-step process.

Whether you're buying your first home, investing, or planning a renovation, here’s how it works:

Step 1: Start with a Quick Application

Apply online in minutes or book a call with one of our friendly mortgage brokers. We’ll ask for some basic details like:

• Your estimated property price range
• How much you’ve saved for a deposit
• Your income and current financial commitments

Prefer a real conversation? We’re always available for a no-obligation consultation.

Step 2: Submit Supporting Documents

Once we understand your goals, we’ll ask for some standard documentation to verify your financial position:

• Identification (passport or driver’s licence)
• Recent payslips or proof of income
• Bank statements (showing savings and expenses)
• Details of any existing loans or credit cards
• Rental income or investment info, if relevant

Tip: Having your paperwork ready upfront speeds up your pre-approval dramatically.

Step 3: We Compare Loans from 30+ Lenders

This is where the magic happens. Unlike the big banks, Stryve Finance compares a wide range of lenders, including major banks, credit unions, and specialist lenders.

We assess your eligibility for:

• Fixed and variable rate options
• Low deposit home loans
• First home buyer incentives
• Renovation loan bundles
• Self-employed or complex income scenarios

We do the heavy lifting, so you don’t have to chase banks for answers.

Step 4: Receive Your Conditional Pre-Approval

Once your loan options are reviewed, you’ll receive a conditional approval letter from the selected lender, stating:

• The maximum amount you can borrow
• Any conditions that apply (e.g., subject to property valuation or updated payslips)
• The validity period, usually 90 days

You’re now ready to shop with confidence and make offers!

Step 5: Ongoing Support Through to Final Approval

Your journey doesn’t stop with pre-approval and neither does our support. When you find the right property, we:

• Organise the valuation and submit it for final approval
• Liaise with your solicitor or conveyancer
• Help you with settlement and funding coordination
• Offer guidance on loan structuring and interest rate strategies

With Stryve, you get broker support from day one to move-in day.

Pre-Approval vs Final Approval: What’s the Difference?

One of the most common questions home buyers ask is: “If I’m pre-approved, does that mean my loan is guaranteed?”

Not quite, but you’re well on your way.

Here’s a breakdown of the differences between pre-approval and final approval, and why it’s important to understand both.

What is Pre-Approval (Conditional Approval)?

Pre-approval, sometimes called conditional home loan approval, is when a lender agrees in principle to lend you a certain amount, based on:

• Your income, expenses, and deposit
• Your credit history
• Current interest rates and lending policies

It’s a powerful tool because it helps you:

• Know your borrowing capacity
• Focus your property search
• Make stronger offers or bid at auction

However, it comes with conditions, usually pending your property selection and final document verification.

What is Final Approval (Unconditional Approval)?

Final approval, also known as unconditional approval, happens after:

• You’ve found a property
• The bank has reviewed the contract of sale
• A satisfactory valuation has been completed
• All documentation has been validated

At this point, the lender formally commits to funding your loan. You can now sign the mortgage documents and move forward to settlement.

What Can Go Wrong Between Pre-Approval and Final Approval?

Here are a few reasons final approval might be delayed or denied:

• You change jobs or income changes
• You take out new credit (e.g., car loan or credit card)
• The property is overvalued or fails a lender’s risk check
• Incomplete or inconsistent documentation

At Stryve, we guide you through every step to reduce these risks and keep your loan on track.

How Long Is Home Loan Pre-Approval Valid?

Once you’re pre-approved, you’re in a strong position, but it doesn’t last forever.

Typical Validity: 90 Days

Most lenders offer home loan pre-approval valid for 90 days (about 3 months). During this time, you can confidently:

• Search for property
• Make offers or bid at auctions
• Plan your finances around a clear borrowing limit

However, your pre-approval is based on current financial data. If your situation changes like taking out a new credit card or changing jobs, it may affect your eligibility.

Can Pre-Approval Be Extended?

Yes, in many cases it can. At Stryve Finance, we help clients:

• Renew or extend pre-approval if needed
• Update documents (e.g., fresh payslips or bank statements)
• Reassess options if interest rates or lending policies have changed

Pro Tip: If your pre-approval is about to expire and you’re still actively looking, get in touch with your broker at least 2–3 weeks beforehand.

What Happens If It Expires?

If your pre-approval expires before you find a property:

• You may need to reapply (often with new documentation)
• Your borrowing capacity may change, especially if interest rates have moved
• Your lender may re-check your credit file and financial position

That’s why we track expiry dates for our clients and proactively help renew them. So you’re never caught off guard.

Renovation Loan Pre-Approval: A Stryve Advantage

Consider buying a fixer-upper or upgrading your current home. Most banks offer basic pre-approvals only for standard purchases. At Stryve Finance, we go further by helping you get pre-approved for renovation loans. So you can buy and improve with confidence.

What Is a Renovation Loan Pre-Approval?

A renovation loan pre-approval allows you to borrow funds not only for the property purchase, but also for planned upgrades, such as:

• Kitchen or bathroom remodels
• Adding a bedroom or home office
• Replacing flooring, roofing, or windows
• Energy-efficient improvements (solar, insulation, etc.)

With Stryve, you can structure your loan to include renovation costs upfront, or use your home equity to fund the improvements post-settlement.

What Documents Do You Need?

Getting pre-approved with Stryve Finance is fast and stress-free, especially when your paperwork is ready.

Here’s precisely what most lenders require to assess your home loan pre-approval application:

• Government-issued ID (driver’s licence, passport)
• Proof of income (payslips or tax returns)
• Details of existing loans or credit cards
• Bank statements showing savings history
• Rental income (if applicable)

Not sure what applies to you?
That’s why we’re here. Your dedicated Stryve mortgage broker will guide you through what’s needed based on your goals and lender preferences.

Frequently Asked Questions About Home Loan Pre-Approval

Does pre-approval affect my credit score?

Yes, but only slightly. Most lenders will run a soft credit check or formal credit enquiry during pre-approval. At Stryve, we minimise the impact by submitting to just one preferred lender at a time, not multiple banks at once.

Tip: Too many credit checks in a short period can reduce your credit score. Let us handle the strategy.

How long does pre-approval last?

Pre-approval is typically valid for 90 days, though it can be renewed. You may need to update your documents if your income, job, or financial circumstances change.

Stryve helps you track expiry dates and refresh your approval without delays.

Can I make an offer on a property with pre-approval?

Absolutely. That’s one of the biggest advantages. Pre-approval shows sellers and agents that you’re serious and can give you the upper hand during negotiations or at an auction.

I was pre-approved with Stryve in just 48 hours and had my renovation loan approved before settlement. Their process saved me from missing out on my dream home.” - Alex T, Sydney

Can I still be denied after I’ve been pre-approved?

Yes, but it’s usually avoidable. Some reasons a loan might be declined after pre-approval include:

• Changes in your employment or income
• Taking on new debts (e.g., car loan or credit card)
• Property fails to meet the lender’s criteria or is undervalued
• Incomplete or inconsistent documentation

Stryve’s brokers work with you proactively to reduce these risks and keep your loan on track.

Can I get pre-approved for a renovation loan too?

Yes, this is a key advantage of working with Stryve. We specialise in renovation loan pre-approvals, which let you borrow for property purchase and improvement costs.

Big banks often don’t offer this flexibility at pre-approval, but we do.

What’s the difference between pre-approval and final approval?

• Pre-approval: An in-principle agreement to lend, based on your financial profile
• Final approval: Full commitment to fund your loan, once a property is chosen and assessed

Final approval requires a satisfactory property valuation, signed contracts, and updated documentation.

Can I get pre-approved online?

Yes! You can start your application with Stryve Finance 100% online, or book a free consultation with one of our mortgage brokers.

We handle the rest, comparing loans, managing paperwork, and securing the best deal.

Ready to Get Pre-Approved?

Whether refinancing your current home loan, buying your first home, upsizing, investing, or planning a renovation, the smartest first step is getting pre-approved with a broker who puts you first.

At Stryve Finance, we make it easy:

1. Fast, online pre-approval process
2. Expert guidance with zero jargon
3. Access to 40+ lenders, not just one bank
4. Renovation loan pre-approvals available
5. Real support from real humans, start to finish

Your information stays safe with us. No pressure. No spam. Just straight-talking support from people who care.