What to Do if Your Mortgage Pre-Approval Expires
If you’ve been house hunting for a while and your mortgage pre-approval has expired, you’re not alone. In New Zealand, pre-approvals typically last 60 to 90 days, and in slower or competitive markets, it’s common for buyers to run out of time before securing a property.
The good news? An expired pre-approval is not the end of the road. Here’s what it means — and what to do next to keep your home-buying plans on track.
What Does It Mean When a Pre-Approval Expires?
A mortgage pre-approval is a conditional approval, not a permanent guarantee. When it expires, the lender’s original offer is no longer valid, and you’ll usually need to reapply or refresh the approval before making offers again.
This doesn’t mean the bank has declined you — it simply means they need to reassess your situation to ensure nothing has changed.
Step 1: Check What Has Changed (If Anything)
Before reapplying, take stock of your financial position since the original approval. Ask yourself:
Has your income changed?
Have your expenses increased?
Have you taken on new debt (credit cards, car finance, Buy Now Pay Later)?
Has your deposit or KiwiSaver balance changed?
Even small changes can affect how much a bank is willing to lend, so it’s important to be upfront and prepared.
Step 2: Update Your Documents
Most lenders will require updated documentation, including:
Recent payslips
Latest bank statements (usually the last 3 months)
Updated KiwiSaver statements
Confirmation of current employment
If your situation hasn’t changed, this step is often straightforward — but delays usually happen when documents aren’t ready.
Step 3: Reassess Your Borrowing Power
Lending criteria and interest rates can change between approvals. A refreshed pre-approval may:
Increase or decrease your borrowing limit
Include different interest rates
Come with updated conditions
This is a good time to review whether your price range still makes sense — or whether adjusting expectations could improve your chances of success.
Step 4: Consider Reviewing Other Lenders
If you went directly to one bank originally, an expired pre-approval can be a perfect opportunity to shop around. Different lenders assess income, expenses, and property types differently.
A mortgage adviser can compare multiple banks, identify more flexible options, and potentially secure a stronger approval than before — without you needing to apply everywhere yourself.
What to Avoid While Reapplying
To protect your refreshed approval:
Don’t apply for new credit
Avoid large purchases
Keep spending consistent
Don’t change jobs unless necessary
Banks want to see stability — especially during the approval process.
Final Thoughts
An expired mortgage pre-approval is frustrating, but it’s also very common — and usually fixable. With updated documents, a review of your finances, and the right lender strategy, most buyers can be re-approved quickly.
If your pre-approval has expired or is about to, speaking to a mortgage adviser early can save time and stress. They’ll help refresh your approval, navigate any changes in lending criteria, and keep you ready to act when the right property comes along.
Because in the home-buying journey, momentum matters — and a refreshed pre-approval puts you right back in the game.