Unconditional Approval
Full, formal loan approval. Required before bidding at auction.
What is Unconditional Approval?
Unconditional approval is full, formal loan approval — the lender has committed to lend, subject only to the loan contract being signed and settlement completing. Also called "formal approval." Required before bidding at auction or removing finance conditions.
Why it matters for you
Unconditional approval requires valuation, final income verification and all supporting documents to be complete — more involved than pre-approval. Timeline depends on the lender (3 days to 3 weeks). If you're bidding at auction, get unconditional well ahead, not the day before.