What is a conditional approval?

Conditional approvals, what do they mean? Hey, it's Aaron, I'm the bagpiping mortgage broker. And conditional approvals can mean a couple of different things. It can give you comfort when you're going for an auction that you only have to do the bank valuation and still remain acceptable to the bank. So when you got a conditional approval, they come in many different shapes and forms and the main things that come up is that you may need to provide an updated payslip, you may need to make sure that you've got the bank valuation, you've found a home, all that sort of stuff. But one little thing you need to remember is right at the bottom of that conditional approval is that the bank can ask for any form of additional information they want to make sure that your application remains acceptable to them in the current credit environment. So a pre approval conditional approval for a first home buyer going out to find a home or your second home may need to provide extra pay slips. Depending on how much time it takes for refinances that are conditionally approved, you still have to make sure that you are acceptable. And if you've got things like it needs to get a higher level of people into the bank, that is going to provide an additional potential level of extra documentation you need. So remember, conditional approvals are great, but they still have a term that says the bank can still ask for whatever they want at any point in time until it's formally approved. Have a great day.