The length of time a pre-approval lasts for a mortgage in Australia typically falls within the range of 60 to 90 days. However, the exact timeframe can vary depending on the specific lender and their policies. Here are some key factors influencing the duration:

Lender Policy: Each lender sets its own internal guidelines for pre-approval validity. Some might offer 60-day pre-approvals, while others extend them to 90 days or even 120 days in certain cases.

Your Financial Situation: If your financial circumstances remain stable with no significant changes to income, debt, or credit score, the pre-approval might be valid for the full duration outlined by the lender.

Market Conditions: In a rapidly changing market where interest rates or property prices fluctuate significantly, lenders might shorten the pre-approval period to mitigate their risk.

Verification of Information: Delays in verifying your income, employment, or asset information can lead to a shorter pre-approval validity period.

Here are some additional points to consider:

• Renewal Option: Some lenders offer the option to renew your pre-approval beyond the initial timeframe, but it might involve re-verifying your information and potentially facing revised terms.

• Impact of Expired Pre-approval: An expired pre-approval doesn't necessarily disqualify you from getting a loan, but you'll need to go through the pre-approval process again, potentially leading to updated interest rates and terms.

• Importance of Staying Informed: Communicate any significant changes in your financial situation to your lender promptly to avoid potential difficulties during the loan application process.

Remember: It's crucial to check the specific terms of your pre-approval document to understand its exact validity period and any related conditions. If you have any concerns or questions, don't hesitate to contact your lender for clarification.