Key takeaways:
Most buyers need one pre-approval, while around 7% of mature journeys involved two or more before settlement.
A longer search can be a useful checkpoint. If your pre-approval is nearing expiry, consider whether your finances, budget or property priorities have changed.
Borrowing capacity can change if interest rates, income, expenses, debts or other circumstances change while you're searching.
Some flexibility may open up options, whether that means considering nearby suburbs, different property types or which features matter most.
Check in before pre-approval expires. A broker can explain whether an extension, updated information or a new application may be required.
Getting pre-approved can give home buyers a clearer idea of their borrowing position before they start attending inspections, making offers or bidding at auction.
But what happens when you have pre-approval and the property search takes longer than expected?
For some Australians, the search can stretch on for months as they miss out on properties, find suitable homes outside their budget or wait for one that meets more of their preferences. Eventually, their original pre-approval may approach expiry while they are still searching.
New Aussie analysis suggests purchase journeys involving multiple pre-approvals can take longer to reach settlement.
According to the analysis, around 93% of mature purchase journeys involved a single pre-approval, while about 7% rinvolved two or more before settlement. Among settled journeys, those involving multiple pre-approvals took a median 143 days from the latest pre-approval to settlement, compared with 80 days for single-pre-approval journeys..
Aussie’s analysis also found multiple-pre-approval journeys were more likely to have buyer’s-agent affinity. In the second half of 2025, buyer’s-agent affinity was present in around 28% of multiple-pre-approval journeys, compared with 13% of single-pre-approval journeys..
A note on the data: The analysis does not establish when the buyer’s agent became involved or whether buyer’s agent engagement influenced the likelihood or timing of a purchase.
A second pre-approval is not necessarily a problem, nor does getting another pre-approval cause a longer buying journey. Instead, it may be a useful point to consider whether anything has changed in your finances, property search or priorities.
You might also be interested in: What is a home loan pre-approval?
Why a second pre-approval can be a useful time to review your search
A pre-approval indicates to a buyer what a lender may be prepared to lend based on your circumstances at the time, subject to conditions and final approval. It does not necessarily answer what properties may be available within that budget.
Aussie Buyer’s Agent Brent Compton said buyers who come to him after searching for several months can have a range of reasons for not yet purchasing, including looking at properties beyond their budget, missing out during negotiations or not being able to act quickly enough.
One of the first questions he asks is simple: “Why do you think you haven’t purchased yet?”
The answer may be different for every buyer.
For one person, price may be the main consideration. Another may have a narrow search area, while someone else may be consistently competing for properties that sell beyond their budget.
Compton said his approach is to review the buying strategy and focus on properties that meet the buyer’s priorities and may be achievable within their circumstances.
For buyers, that could mean asking:
Are the properties I am inspecting regularly selling above my budget?
Could I consider a wider range of suburbs?
Which parts of my property brief are essential and where do I have some flexibility?
Am I regularly missing out because of price, timing or negotiation?
Has my financial position changed since I first obtained pre-approval?
The aim is not to compromise for the sake of buying. It is to check that the property search still aligns with what may be financially achievable.
Your borrowing power may have changed while you were looking
A pre-approval reflects a buyer's circumstances, lender criteria and lending conditions at a point in time. If the property search continues for several months, some of those factors may change.
Aussie Broker Veenu Bharara said someone reapplying several months later may be assessed differently if interest rates or their personal circumstances have changed.
“I helped one client whose pre-approval lapsed in February and had to do another one in May, but there had been two interest rate rises between those months,” she said.
“Sometimes people’s circumstances change ... they have a new expense pop in, or their employment situation changes.”
A new assessment would generally take into account the borrower's current financial position and applicable lender requirements.
Bharara's example shows how lending conditions can change during a property search.
Cotality’s August Housing Chart Pack estimated that the three rate rises earlier this year reduced borrowing capacity for a median-income household by around 7%, or more than $53,000.
Individual borrowers may experience different changes. Borrowing capacity depends on factors including income, debts, expenses, dependants, loan structure and lender assessment criteria.
For buyers searching over several months, this means their borrowing position may be different by the time they are ready to buy or seek another pre-approval.
A broker can help review whether your borrowing position has changed and what may be achievable based on your current circumstances.
What to do before your pre-approval expires
Pre-approval periods vary by lender and individual circumstances. They are generally valid for around three to six months and, depending on the lender, may be able to be extended.
Bharara said she contacts clients as their pre-approval approaches expiry to check whether they are still searching.
“When [the pre-approval has] one or two weeks left, we always follow up and ask them, ‘Are you still searching? What is the situation?’”
Depending on the lender and circumstances, an extension may require updated documents such as a recent payslip. In other cases, a fresh application and assessment may be required.
That makes the weeks before expiry an opportunity to review more than paperwork.
If you still have not found a property, consider discussing with your broker:
Whether your borrowing capacity has changed. Changes to interest rates, income, expenses, employment or debts may affect how much a lender is prepared to lend.
Whether your repayments still feel manageable. The maximum amount a lender may approve is not necessarily the amount you will feel comfortable borrowing.
Whether your deposit has changed. Additional savings may affect your loan-to-value ratio, how you fund upfront costs or the loan options available to you.
Whether your property search still matches your budget. If comparable properties are consistently selling beyond your range, you could consider whether there is flexibility around location, property type or other preferences.
Having that conversation before expiry can give you time to understand what may be required and whether your borrowing position has changed.
Could changing your property brief open up more options?
For buyers who have their finances organised but have yet to find a suitable property, it may be worth considering which parts of their property brief are essential and where there may be some flexibility.
That does not mean buying something unsuitable simply because a pre-approval is approaching expiry.
Compton said location can be one area where expanding the search may introduce more options.
“Changing location offers the most choice,” he said.
For example, a family may consider the number of bedrooms essential but be open to neighbouring suburbs. Another buyer may prioritise location but consider a townhouse or apartment rather than a house.
You might also be interested in: Why where you buy may matter as much as what you earn
A broader search can introduce trade-offs, including commute times, schools, transport, access to family and services, as well as different property values. Buyers will need to consider how those factors fit with their lifestyle, priorities and finances.
Nationally, Cotality recorded 135,008 properties listed for sale in the four weeks to August 9, 2026, up 14.9% from a year earlier.
However, conditions differ significantly by city and region, so more listings nationally does not necessarily mean buyers will have more suitable properties to choose from within their budget or preferred area.
For first-home buyers, Bharara said it can also help to think about which features matter most at this stage, recognising their housing needs may change over time.
“Remember, this is not your last property,” she said.
For buyers who want additional help with that decision, an Aussie Buyer’s Agent may be able to compare locations and property types within their budget, while an Aussie Broker can model different loan sizes and repayments to help them understand what may be financially achievable.
What should you review if your property search is taking longer than expected?
A longer property search does not necessarily mean something has gone wrong. Plans change, buyers miss properties and suitable homes may not come onto the market at the right time.
But if your pre-approval is approaching expiry, it can be a useful time to check whether your borrowing capacity, preferred repayments or deposit have changed, and whether your budget still aligns with the properties you're considering.
Rather than trying to predict where property prices or interest rates may go next, focusing on the factors you can control may help you understand what is achievable based on your circumstances.
An Aussie Broker can help review your current borrowing position, explain what may be required if your pre-approval is nearing expiry and compare loan options based on your circumstances.