What are Conditional Approvals?

‍A conditional approval is the status of a loan once it has passed the initial checks that a lender has. This can be a combination of system checks or human checks. Once the lender has finalised the conditions these will be communicated to our finance team. The conditions can range from something as simple as an updated payslip to something as complex as a specific clause in a child support agreement requiring further clarification. 

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How To Progress Beyond A Conditional Approval?

Once you have reached the status of conditionally approved you should definitely feel more confidence in your loan application. Congratulations! 

To move past the status of conditionally approved it is important that all documents are provided in a timely manner. Without the necessary documents the lender will not work on the application and the application can ultimately time out or be declined based on the financiers requirements not being met.  

Once all documents have been provided and the lender is completely satisfied with the information the lender will then progress the application from conditionally approved to formally approved.     

Most Common Documents Requested With Conditional Approvals

Here is a list of the most common documents requested with conditional approvals: 

·       Most recent payslips. 

·       30 days of bank statements showing salary credits. 

·       Updated ID with proof of address.

·       Bonus or commission statements. 

·       Revised address on contract of sale.

·       Evidence of reduced or closed credit cards or other liability limits. 

·       Salary packaging or HECS statements. 

·       Contract of sale.

·       Valuation on the subject property.

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