Home Loan Pre-Approval Expiry: What Australian Buyers Should Recheck

Short answer

Australian home loan pre-approval commonly lasts three to six months, according to ASIC Moneysmart. Some lenders publish a 90-day period for their own conditional approvals.

The exact expiry date is the one in the lender's letter. Pre-approval is not a promise that the lender will fund a purchase. Final approval can still depend on updated income and expense information, credit checks, the property, a satisfactory valuation and the lender's current policy.

Use the Borrowing Power Calculator to test a general scenario before applying. Its result is not pre-approval, final approval or a lender assessment.

What pre-approval actually means

Pre-approval is also called conditional approval or approval in principle. The lender assesses information about the proposed borrowers and gives an indicative maximum loan amount, subject to stated conditions.

ASIC Moneysmart says pre-approval does not commit the buyer to a loan. It can help set a price range while the buyer searches for a property.

It does not confirm that:

• the lender will accept a particular property as security;
• the lender's valuation will match the contract price;
• the buyer's income, expenses and debts will remain acceptable;
• the product and interest rate will still be available at settlement; or
• every condition in the letter has been satisfied.

Read the letter rather than relying on the word "approved" in an email subject line.

How long does pre-approval last

There is no single expiry period across all Australian lenders.

These examples show why a buyer should record the actual expiry date from their own letter. Do not assume that an old approval remains current because the purchase search is continuing.

What a lender may recheck

When pre-approval is renewed or progressed to final approval, the lender may ask for current evidence and run further checks. The exact process varies, but common items include:

• payslips or other income evidence;
• bank statements and savings history;
• regular living expenses;
• credit card limits, personal loans, HELP debt and other commitments;
• changes in employment or working hours;
• the deposit and funds available for purchase costs;
• the signed contract of sale;
• the property type, location, title and condition; and
• a lender valuation.

A rate change can also affect the assessment. APRA's mortgage serviceability buffer is a system-wide minimum setting for regulated lenders, but each lender applies its own credit policy and assessment process.

Worked example: the search runs past 90 days

Assume a buyer receives conditional pre-approval for a loan of up to $700,000 on 15 August. The letter says it expires after 90 days.

By early November, the buyer has not signed a contract. Since the original application:

• the buyer's base salary is unchanged;
• a new $12,000 credit card limit has been opened;
• advertised home loan rates have changed; and
• the buyer wants to bid on a small serviced apartment.

The old $700,000 figure should not be treated as available funding. The new credit limit can affect serviceability, the lender may use a different assessment rate, and the apartment may fall outside the lender's acceptable security policy.

The useful next step is to contact the lender or broker before bidding, provide the changed information and ask what is needed for renewal. This is especially important for an auction, where finance conditions and cooling-off rights can be limited or unavailable.

Pre-approval amount is not the purchase budget

A loan limit and a property budget are different figures.

The buyer may also need cash for:

• transfer duty or stamp duty;
• transfer and mortgage registration;
• conveyancing or legal work;
• building, pest or strata reports;
• lender fees and valuation costs;
• LMI where applicable;
• moving and connection costs; and
• a buffer after settlement.

Use the Property Purchase Cost Calculator for an indicative buying-cost scenario and the Stamp Duty Calculator for state-based duty. Check concessions with the relevant revenue office before relying on them.

When to renew or ask for a review

Contact the lender or broker before the stated expiry date if:

1. the property search is likely to continue past the approval period;
2. income, employment, expenses or debts have changed;
3. a new credit facility has been opened or a limit has changed;
4. the target price or required loan amount has changed;
5. the buyer is considering an unusual property type;
6. the lender or market interest rates have moved materially; or
7. an auction or contract deadline is approaching.

Do not submit applications to several lenders simply to collect approval letters without considering the credit-report effect. Moneysmart notes that credit applications can appear on a credit report, and lenders use credit history when assessing an application.

Pre-approval, final approval and settlement

The stages are related but not interchangeable.

Terminology varies by lender. Ask what remains outstanding instead of relying only on the stage name.

Buyer checklist

Before making an offer or bid, check:

• the pre-approval expiry date;
• the approved loan limit and assumptions;
• every condition listed in the letter;
• whether financial circumstances have changed;
• whether the property type is acceptable to the lender;
• the cash needed beyond the deposit;
• a repayment scenario at the proposed loan rate;
• the contract's finance and cooling-off position; and
• what the lender still needs for final approval.

The First Home Buyer Checklist connects these finance checks with duty, inspections, LMI and settlement planning.

Sources

• ASIC Moneysmart: Buying a house, including the three-to-six-month pre-approval guidance and the distinction from a loan commitment. Updated 14 July 2026 and checked 5 August 2026.
• ASIC Moneysmart: Credit scores and credit reports, including credit-application information. Updated 22 July 2026 and checked 5 August 2026.
• CommBank: Understanding the home loan process, including its published 90-day conditional pre-approval period and final checks. Checked 5 August 2026.
• Westpac: Home loan pre-approval, including its three-month period and lender-variation warning. Checked 5 August 2026.
• ANZ: Home loan pre-approval, including its around-three-month guidance, conditions and property-security warning. Checked 5 August 2026.

General information disclaimer

This guide provides general information only. It is not financial advice, credit advice, a loan offer, approval, eligibility decision or guarantee of funding. Lender policy, approval periods, evidence, rates and acceptable property rules vary. Check the current letter and speak with the lender or a licensed mortgage broker before signing a contract or bidding at auction.

Last updated: 5 August 2026.