Help guide
Pre-approval vs conditional vs unconditional finance
Clarifies common terminology: indicative assessment, conditional approval subject to valuation, versus unconditional finance — general patterns in Australia.
Indicative / pre-stage
Many “pre-approvals” are system-driven based on incomplete facts — helpful for budgeting, weaker for auctions if you mistook it for certainty.
Outstanding items often include valuations, strata searches, satisfactory purchase contract, verified documents and lenders mortgage insurance.
Getting closer to “unconditional”
Unconditional mortgage finance aligns with lender credit assessment + acceptable security + contract terms — timelines vary.
Do not waive finance clauses relying on vague phone assurances — get written milestones from your broker and lender.