Hoping you can help me - not sure if I'm correct, or my bank is.
I'm going with NAB for my first home loan, and I have a preapproval (after actually speaking to a lender, not just the 30 second online one).
Problem is, I need a deposit power guarantee for my deposit (it's in a FHSA, which matures July 1)
However, my understanding is that to go to auction - and also to get the deposit power guarantee - I need to have conditional approval.
From what I understand, this is a step NAB should be able to take after preapproval, which involves a credit check and verification of my income, which basically means the approval is simply subject to a property valuation.
Is that correct?
My lender is telling me that they don't do a conditional approval (though the website seems to disagree - http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/22/2/9/4), and that the deposit guarantee comes after I sign the contract, that I need to have it written into the contract that I'll make the deposit, say, within 5 days after signing. I don't believe this is how a deposit guarantee is actually approached....
If I'm going to auction, however, I don't think that's right - I need to have the deposit power cert before going to auction, which means my bank needs to give me conditional approval, not preapproval. Is this correct?
Who's wrong - me or the bank? any advice?
I'm going with NAB for my first home loan, and I have a preapproval (after actually speaking to a lender, not just the 30 second online one).
Problem is, I need a deposit power guarantee for my deposit (it's in a FHSA, which matures July 1)
However, my understanding is that to go to auction - and also to get the deposit power guarantee - I need to have conditional approval.
From what I understand, this is a step NAB should be able to take after preapproval, which involves a credit check and verification of my income, which basically means the approval is simply subject to a property valuation.
Is that correct?
My lender is telling me that they don't do a conditional approval (though the website seems to disagree - http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/22/2/9/4), and that the deposit guarantee comes after I sign the contract, that I need to have it written into the contract that I'll make the deposit, say, within 5 days after signing. I don't believe this is how a deposit guarantee is actually approached....
If I'm going to auction, however, I don't think that's right - I need to have the deposit power cert before going to auction, which means my bank needs to give me conditional approval, not preapproval. Is this correct?
Who's wrong - me or the bank? any advice?