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How does the Pre-approval application process work?

Beginning the application 

At the start of the Pre-approval application you will need to provide the postcode of the area you are looking to buy in. If you’re looking at multiple suburbs please provide the postcode of your preferred area and you can update it later if you choose a different location. 

The application will also ask how much you are willing to spend on a property and how much you will need to borrow. We suggest using our Borrowing Power Calculator to get an estimate to help guide you for your application.

If you are still unsure, submit your best estimate and once you’ve submitted your application you will be able to speak to a home loan expert to understand your maximum borrowing power. It is important to take into consideration any future changes in circumstances and on-going lifestyle needs when you decide the amount you are comfortable borrowing. 

We will need to confirm your identification (your name and date of birth) and digitally verify a form of your ID. You can use your Driver Licence, Passport, your Medicare card or a foreign passport with a valid Australian Visa.

Once we verify your identification, we will run a credit check, which will appear as a credit enquiry on your credit file, so please consider whether you’re ready to apply for Pre-approval.

About your financials

When applying for a Qantas Money Home Loan, we’ll need information from you about your current financial situation: this will include your income and expenses, as well as information about your current loan commitments (such as any existing home or car loans).

After you submit your financial information, we also need to verify your Qantas Frequent Flyer membership number. If you’re not a member at the time you apply, you’ll have the option to join instantly - and for free - at this stage of the application. Alternatively, you can join free here before starting your application. 

The final step of the process is to verify your information. You’ll have two easy and secure options to provide your documentation

  1. Automatically link your bank account(s) and the bank-grade technology will assess read-only copies of your transaction statements. Rest assured that no one at Qantas will see your login details. 
  2. Manually upload copies of your transaction statements. These will be reviewed by a Qantas Money Home Loan expert (your application will just take a little longer to process). 

Once this is complete, you’ll be notified of the outcome of your application.

If you're pre-approved, you can progress your application by logging back in to the application portal and updating the address details once you have found a property. At this point we’ll complete an assessment of your application - which will include a valuation - to make sure we can lend against the property. If your offer is accepted on the property you will then need to upload your Purchase Contract so we can progress your application to full approval. If there's something we need to look into further, one of our team members will be in touch to discuss the additional information required.

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