How Long Does Home-Loan Pre-Approval Last?
Pre-approvals have an expiration date. Learn how long they last and what to do if yours is about to expire.
A home-loan pre-approval typically lasts for 90 days (three months) from the date it is issued. If you haven't found a property within this timeframe, the pre-approval will expire and you will need to apply for an extension or a new pre-approval.
How pre-approval timeframes work
Lenders set a 90-day limit because your financial circumstances—and the broader economic environment—can change significantly over time. After 90 days, the lender needs to ensure you haven't changed jobs, taken on new debts, or experienced a drop in income.
Illustrative example
Illustrative example: You receive pre-approval on March 1st. You spend the next three months attending open homes but don't find the right property. By June 1st, your pre-approval expires. To continue house hunting with confidence, you provide your broker with your most recent payslips to have the lender renew the pre-approval for another 90 days.
What may change the outcome
If interest rates have risen during your 90-day pre-approval period, the lender will reassess your borrowing capacity at the new, higher rate when you apply for an extension. This means your renewed pre-approval amount could be lower than your original amount.
Common misunderstandings
Some buyers think they can just keep extending their pre-approval indefinitely without providing new documents. In reality, most lenders require updated payslips and bank statements to grant an extension, and after one or two extensions, they may require a completely fresh application.
When a personal review may help
If your pre-approval has expired and rates have changed, your borrowing capacity needs to be recalculated. A broker can quickly review your current situation and advise if you should stay with the same lender or if another lender now offers a better capacity.
Next step
Use our Borrowing Capacity Calculator to see if recent rate changes might have affected your indicative borrowing limit.
This article provides general information only and does not take into account your objectives, financial situation or needs. It does not constitute personal credit, financial, tax or legal advice. Lending outcomes depend on individual circumstances, lender policy and assessment.
Have questions about your situation?
Every home loan scenario is unique. Speak directly with Cameron or Matthew to get clear answers.