Pre-Approval Checklist for First-Time Buyers

By Bradley Burns, Founder & Principal Broker · Updated 10 September 2026

Pre-approval can help you search within a realistic price range. Its value depends on what the lender has checked and which conditions remain. Use this checklist to prepare for that assessment and to understand what must happen when you find a property.

1. Write a one-page purchase plan

Include your preferred location, price range, timing and whether you want an existing home, an off-the-plan property or a new build. Record who will buy and live there. These details make it easier to identify questions about the property, loan and any assistance you want assessed.

Add the repayment you would feel comfortable making. Use our repayment calculator to compare an indicative rate with a higher-rate scenario, then allow for ownership expenses. A calculator can help you prepare a budget; it cannot approve a loan.

2. Gather the records that explain your position

The exact document list depends on your lender and circumstances. Start by locating:

• Deposit evidence: savings statements and history, plus details of gifts, sale proceeds or other contributions. Separate purchase expenses from the money you hope to keep after settlement.
• Income evidence: recent payslips and relevant employment details, or business and tax records if you are self-employed. Flag overtime, allowances or variable income for discussion.
• Spending records: transaction statements and a household budget that includes annual bills, dependants and regular commitments.
• Debt details: current balances, credit limits and repayments for loans, credit cards and buy now pay later accounts, plus study debt and other obligations.
• Identification: ask which documents the lender accepts and how to supply them securely. Keep identity documents and account numbers out of the website enquiry form.

You do not have to collect everything before speaking with us. Bring a list of what you have and what needs clarification. If your records contain an unfamiliar account or an error, ASIC Moneysmart explains how to obtain and correct your credit report.

3. Check the conditions and expiry date

Ask for the lender’s written outcome and work through four questions:

1. Which income, expense and supporting documents have been assessed?
2. When does the pre-approval expire, and what is needed to renew it?
3. What property, valuation or other checks remain?
4. What information needs updating before formal approval?

Pre-approval remains conditional. Finding a property does not automatically convert it to formal approval, and lenders use different processes. CommBank’s conditional pre-approval and application guide illustrates one lender’s stages; confirm the requirements for your own application.

4. Keep your plan current while you search

Tell your broker promptly about a job change, leave, new credit or a change in household spending. Keep updated statements available, and flag an approaching expiry date before making an offer. If you want government assistance, confirm both scheme eligibility and lender participation using our first-home assistance guide.

When a property interests you, share the proposed finance and settlement dates. Have a solicitor or conveyancer explain the contract and auction obligations before you commit. Our pre-approval service explains how the lending work fits around those decisions.