Home Loan from pre-approval to unconditional - do they do a final credit check?

[eyogina]

Hi
I have had pre-approval, and at the time did not have any other loans to declare, but now I am about $6K short for the deposit, and I am thinking of borrowing it from a financial lender.

I was wanting to know if I borrowed it from another Institution (other than that where the home loan is coming from) will the Home Loan Lender know? When they change your home loan from pre-approval to unconditional do they do a final credit check on you? I am assuming they must. Does anyone know?

 

[Rolf Latham]

Hiya EYO

Depends on the lender, the age of the pre approval, and a few other things.

if its a loose Pre approval with most lenders they wil hit the CRAA again.

LMI providers in the past were ok with Personal Borrowing if it was disclosed, now getting very very fussy, but much varies around the deal.

ta
rolf

 

[sparky23]

I have Veda alert and to date no-one has gone back in for another look after the first check but with times achanging who knows what they might do.

There was an alert on my file yesterday which caused panic as we have no applications in for anything so I thought someone was springing a bad report on me but when I checked it was actually just a credit card that I had to get to keep things going 3 months ago only just making its appearance on the system - odd as normally things go on straight away.

So still a clean record!

 

[tobe]

They have the right to do another check prior to settlement, however most dont. Its more of a spot check I think. A random sample. By the way, you may well be in breech of your mortgage docs with an undisclosed liability....

 

[Jamie_D]

You should be OK

I would apply for PL and have it settled ready for use

If lenders come back later just plead ignorance

The CRA will show a PL amount - credit cards dont show limits so might be recommended to go with CC if you are hesitant

 

[Rolf Latham]

Id have to disagree..........not in general, but in specifics.

A good example is that STG did a formal for a loan today that was approved conditonally around 3 weeks ago.

4 hours before issuing the formal, the bank verbally confirmed employment.

Really comes down to the lender at the end of the day, and in your case, seriously I woud not sweat it because you have no choice anyways.


ta
rolf