Commonwealth Bank Turnaround time

[gldsaucer]

I have just purchased a property earlier this week. My homeloan application was submitted by my broker two days ago. I had a pre-approval previously so right now I am just converting it to a full approval.

How long does it take for Commonwealth to approve my loan at this time of the year?

Thanks for your help.

 

[Aaron_C]

You mean an unconditional approval?? That will only happen after they've reviewed all your documentation (2-3 days), and have the valuation report in their hands (3-5 days).

 

[gldsaucer]

You mean an unconditional approval?? That will only happen after they've reviewed all your documentation (2-3 days), and have the valuation report in their hands (3-5 days).

Yeah unconditional approval.

One other question, once I receive an unconditional approval and signed the loan docs then it is pretty much confirmed that I will get the loan. Is that right? Am I correct to say that they will not pull out last minute before settlement?

Sorry I am just being paranoid as buying a house is a big milestone for me.

 

[Rolf Latham]

Yeah unconditional approval.

One other question, once I receive an unconditional approval and signed the loan docs then it is pretty much confirmed that I will get the loan. Is that right? Am I correct to say that they will not pull out last minute before settlement?

Sorry I am just being paranoid as buying a house is a big milestone for me.

Hi

Rare that they would pull out before settlement once they have provided an uncon approval.

ta

rolf

 

[Aaron_C]

Yes that is right. Although banks have pulled out even with an unconditional approval before - but it rarely happens.

 

[gldsaucer]

Yes that is right. Although banks have pulled out even with an unconditional approval before - but it rarely happens.

What was the reason they pulled out?

Thanks for the replies so far guys.

 

[Aaron_C]

What was the reason they pulled out?

Well, if half-way through the loan process you lose your job, and they find out...

 

[gldsaucer]

Well, if half-way through the loan process you lose your job, and they find out...

If they dont know one lost his/her job after the unconditional offer and signed loan docs then the loan will still go through right? Will they verify that one have a job just before the settlement?

 

[Aaron_C]

If they dont know one lost his/her job after the unconditional offer and signed loan docs then the loan will still go through right? Will they verify that one have a job just before the settlement?

They usually do an employment check when you apply. After that they don't check again - so don't worry.

 

[gldsaucer]

I have got the loan approval! Just waiting for the paperwork to come through the mail..they didnt have to do valuation..