Skip to main content Skip to log on Skip to search Accessibility at CommBank

Brighter / The latest in home loans / Should you get home loan conditional pre-approval?

Should you get home loan conditional pre-approval?

Conditional pre-approval can help you make sure you don't miss out on snapping up your dream property when the time is right.

Related

Choosing the right investment home loan

In the market for an investment property? Different types of investment home loans can help you achieve different results.

Learn more

Ways to pay off your home loan faster

Small changes now can mean big differences later to how much of your home loan you end up repaying - and how long it takes.

Learn more

  • Conditional pre-approval can help you understand how much you may be able to borrow before you start seriously house-hunting.
  • Having conditional pre-approval in place can show sellers you're ready to buy and help you act quickly when the right property comes along.
  • Understanding how conditional pre-approval works and how to apply can help you feel more confident as you move through the home-buying process.

When it comes to buying property, carefully considering all your circumstances and options, and acting fast when you need to, can be quite a balancing act.

Getting conditional pre-approval can help you do just this, giving you a better chance of locking down a new place before someone else does.

What is conditional pre-approval?

Conditional pre-approval is an indication from a lender that you’re eligible to apply for a home loan up to a certain limit. You’re under no obligation to take the loan, and the lender has no obligation to lend you that amount, but it can show sellers you’re serious about buying and that you’re confident you can afford the property.

In order to give you an indication of what you can reasonably expect to borrow, a lender should take into account your personal financial situation and the price range of properties you’re looking at.

What are the advantages of conditional pre-approval?

Not only does conditional pre-approval show sellers that you’re serious, it can also help to be well progressed with your finance as soon as you find your dream home.

If you’re early on in your home buying journey, getting conditional pre-approval can help you focus your property search by giving you a clear idea of what you’re likely to be able to afford based on what a lender is prepared to loan you. If something changes while you’re looking for a new home – your financial situation, for example – you can always renew your conditional pre-approval.

How do you apply for conditional pre-approval with CommBank?

You can apply online, call us on 13 2224 or make an appointment to talk to a Home Lending Specialist. It’s good to have an idea of the following:

  • Price range of properties you’re interested in
  • How much of your deposit you have saved
  • Your income
  • Your living expenses.

What next?

If you’re conditionally pre-approved for a home loan by CommBank, once you find the place you’re looking for we’ll verify your financial position and then provide formal approval so that you can make a final offer knowing exactly how much you have with which to bid.

Once you’re pre-approved, jump into Buy a home on the CommBank app to continue your home buying journey.

Start your conditional
pre-approval application online

Get conditional approval

Book a time with a Home Lending Specialist, instantly, for start-to-finish guidance for your home buying journey

Book appointment

More in home loans

How to free up cash by lowering your home loan repayment

Learn more

Redraw vs offset explained

Find out more

What is an offset account?

Learn more

What is rentvesting and is it a good idea?

Find out more

Latest stories from Brighter

Brighter Magazine

Online dating scams: how to spot the red flags

Sophisticated online scams are targeting younger people searching for love. Here are some of the red flags.

Jamie Durie’s biggest learnings as a business owner

Jamie Durie shares the biggest lessons about business growth strategies, from understanding when to say no to redefining success beyond scale.

British Columbia: A road trip that rewards curiosity

[Sponsored] Ask a local where British Columbia really reveals itself and they won’t name a single place – they’ll tell you to start driving.
Brighter Magazine

Budget-friendly ways to support your friends

Discover simple, budget‑friendly ways to support your friends when money is tight. From sharing resources to low‑cost hangouts and emotional suppor...
Brighter Magazine

A helping hand when it matters most

What difference can $20,000 make? Four recipients of CommBank’s Community Grants share how funding is helping support Australians in need.

Tropfest alumni on building sustainable careers in film

Tropfest alumni Alethea Jones, Gerard O’Dwyer and Robert Connolly share how they built successful businesses as creatives in film and television.

Load more

Things you should know

This article is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. As this information has been prepared without considering your objectives, financial situation or needs. You should, before acting on this, consider the appropriateness to your circumstances.