I have an unconditional contract to purchase an investment property, with 5% deposit bond. I had Westpac approved the loan amount a few months ago (I've signed loan offer document). Settlement will take place in one or 2 weeks' time when building is completed.
I just had a call from my mortgage broker last week saying that Westpac had to reduce the loan amount by $40K (they had made an error in calculation- although they didn't admit it). Then this week, Westpac called again and said that amount had to be reduced further. They had to reduce a further $30K (total reduction from original loan offer amount $70K!!).
I have not paid any money as deposit but used a 5% deposit bond arranged by westpac. If I can't go ahead with the purchase, can I have any avenue of making Westpac be responsible for it? It would be very unfair for me because the staff at Westpac was at fault - ie taking wrong figs to calculate my eligibility, not once, but TWICE !!!
If anyone can help with the legal side of this situation, or refer me to some avenue, I'll be most grateful. Thanks very much.
I just had a call from my mortgage broker last week saying that Westpac had to reduce the loan amount by $40K (they had made an error in calculation- although they didn't admit it). Then this week, Westpac called again and said that amount had to be reduced further. They had to reduce a further $30K (total reduction from original loan offer amount $70K!!).
I have not paid any money as deposit but used a 5% deposit bond arranged by westpac. If I can't go ahead with the purchase, can I have any avenue of making Westpac be responsible for it? It would be very unfair for me because the staff at Westpac was at fault - ie taking wrong figs to calculate my eligibility, not once, but TWICE !!!
If anyone can help with the legal side of this situation, or refer me to some avenue, I'll be most grateful. Thanks very much.