Once you have chosen your desired property, a valuer will make an appointment to inspect the property. The bank doesn’t employ valuers, they are separate companies. As a result, the timeline can vary. In some cases, tenants can delay the valuer from gaining access to the property. For very low risk applications, a valuer may not be required.
We can order upfront valuations with many of our lenders, which enables the bank to skip the first two steps and go straight to formal approval.
Unconditional Approval, also known as formal approval, is when the lender has everything they need and can confirm that they are willing to lend you the money.
They will issue a letter confirming their approval. At this stage, you can relax. Sometimes, there’s some going back and forth asking for additional documents before the bank can finalise approval. This is normal for complex applications or where you haven’t provided everything that the lender needs up front. If you’re borrowing over 80% LVR then you may need lenders mortgage insurance approval as well. In some cases, this will mean that your application will take longer before a final approval. You should get formal approval before the end of the cooling off period.