"He was pre-approved for $750k... until He wasn't."The call no homebuyer wants to receive

A client was 33, financially stable, and had done everything right.

A major bank pre-approved him for a $750,000 loan. Green light to go shopping in a competitive market.

He found his perfect home, made an offer within budget, and celebrated when it was accepted. Contracts signed, deposit paid, future planned.

Then came the bombshell.

"We've reviewed your application again... we can only lend you $640,000."

$110,000 short with nowhere to turn

His world collapsed. The settlement clock was ticking.

The bank had overlooked:

• His existing HECS-HELP debt

• The variable nature of his bonus income

• A recent credit limit increase he'd applied for

He came to me in full panic mode, facing potential deposit loss and legal complications.

When a "pre-approval" isn't really approved

We immediately stepped back, reassessed his complete financial position, and approached lenders who would take a more nuanced view of his situation.

Within days, we secured a legitimate approval that honored the original amount he needed.

He kept the home, but it was dangerously close to disaster.

Don't let this happen to you

🚨 The hard truth: Many pre-approvals are little more than preliminary assessments—educated guesses that can change dramatically.

✅ What you need: A fully assessed pre-approval where a lender has thoroughly reviewed all your documentation and circumstances.

I don't like seeing buyers caught in this stressful situation. And neither should you be.

Ready to buy with confidence? Let's talk about getting you a pre-approval you can actually rely on.

This information has been prepared by PHA Financial Services and does not take into account your objectives, financial situation or needs. Before acting on this information you should consider whether it is appropriate to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision. The information provided was accurate at the time of publication and changes in circumstances after a document is published may impact on the accuracy of information. Some information may have been collated from various third parties and we make no assertion that the information was originally ours.