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What is Conditional Approval

A home loan application that has been conditionally approved means that the application has been approved subject to one or a number of conditions.

Conditional approval does not guarantee the loan is approved and should not be used or taken as borrowers right to obtain a loan.

Conditional approval tends to indicate there is still information outstanding and the home loan provider can not formally approve the application until such time that the outstanding information is made available and assessed.


The home loan application may be conditionally approved subject to satisfactory valuations been completed on the property being offered as security.


It may mean that the home loan provider is still waiting for income verification or home loans statements being provided.


A home loan application can not be formally approved until all the conditions and criteria of the home loan provider’s assessment guidelines are fulfilled.


If you are purchasing a property you can not rely on your application being conditionally approved if you want to exchange contracts.


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