Articles on: Purchase-Ready Approvals

How long does my Purchase-Ready Approval last?

Excellent question, and one that we get asked a lot by borrowers who have their Purchase-Ready Approval but are still searching for ‘The One’ (residentially speaking).

The short answer is 30 days, but it depends on these few things…

What you’ve done since you got your Purchase-Ready Approval (any new credit etc)

*Whether there’s been any market movement (so changes to base interest rate, for example).

Your Purchase-Ready Approval is based on a bunch of different kinds of information including your income, asset and liability info.

Part of the beauty of our Purchase-Ready Approval is how accurate we get it, because we base it on your actual numbers, right?

So, those ‘actual’ numbers, as in the ones you give us during your application — they’ll stay valid for around 30 days.

If you happen to find your place after those 30 days, you just sign in and refresh your Beeline profile. Then your Loan Guide will send you through a new Purchase-Ready Approval with your most recent numbers so it stays as accurate and reliable as possible — then you can be making offers confidently.

The best part?

Even if it takes you 2 months (or even more) to find your new place, you won’t have to start again or reapply and go back to square one with us — all of your information will still be in your Beeline Profile, you may just need to upload some new pieces of info. So there’s no pressure— take your time, and make sure you find the right place for you.

Your Loan Guide will let you know exactly what they need to update your Purchase-Ready Approval, and then you can be on your merry way to Homeownersville.

Should I buy a monogrammed jet ski while I’m house shopping with my Purchase-Ready Approval?

In a word. No.

As we said earlier, your Purchase-Ready Approval is based on your current financial situation. So any changes to that, like large purchases or opening new credit will affect your financial profile, which in turn affects your Purchase-Ready Approval.

But hey, once you’re closed and living large in your new pad — go to town!

Updated on: 16/08/2022