What Happens After Conditional Approval?

Conditional approval feels like the finish line. It is really the start of a short, busy phase where a few things need to line up before the purchase is secure.

What conditional approval actually means

The lender has looked at your income and deposit and is willing to lend, provided certain conditions are met. Those conditions almost always include a specific property, and often a satisfactory valuation, confirmation of your deposit, and sometimes updated payslips or bank statements.

The typical steps

1. Find the property and make an offer. Your sale and purchase agreement should include a finance condition with a realistic date — usually 10 to 15 working days.
2. Give the details to your lender or adviser. The address, the contract and the price let the lender assess this specific property.
3. Valuation, if required. For lower-deposit lending or certain property types, the lender orders a registered valuation. This confirms the property is worth what you are paying.
4. Conditions cleared. The lender reviews everything and issues unconditional approval — a firm commitment to lend for this purchase.
5. Confirm your finance condition. Your lawyer notifies the seller that finance is confirmed. Other conditions, such as a builder's report or LIM, are usually worked through in the same window.
6. Go unconditional. Once all conditions are satisfied, the agreement becomes binding and settlement is locked in.

Where delays come from

• Waiting on documents — have recent payslips and statements ready before you make an offer.
• Valuation turnaround — order it as early as possible.
• A finance date that is too tight — ask for enough time when the offer is drafted.

Then settlement

On settlement day your lawyer draws down the loan, applies your deposit, and pays the seller. The property is yours, and your mortgage repayments begin.