Is something wrong here?

I am still awaiting confirmation from StGeorge as to whether or not my finance will be approved after 4 weeks and still no answer. I have a PPOR valued at 290k and a loan of 245k. I also have a deposit of 57k. I have signed a contract on a property at $495k. The stamp duty is only 15k because i purchased it prior to completion. I really thought it would have been pushed through quickly but i have had to ask for 2 extensions and vendors have stated no more after this Friday. If i have no answer still on Friday i am scared that i will have to contemplate letting it go because i am yet to have written confirmation from the bank. What can i do? They have assured me that it will go through unconditional but its just "the process" and sometimes it takes time. I feel like strangling someone because my parents get everything approved in a heart beat but because i am not as established- they are making it hard. Oh and my partner and I have a combined income of around 200K so i dont think its a servicability issue.
 
hi renomeghan,


Were you advised that you would be able to obtain a Settlement in under 4 weeks? If you have already asked for two extensions, that tells me you may have made a rash decision to sign in the first place.

If your parents have more experience then they should have advised you to get your finance sorted out BEFORE signing a contract.

Have you asked your Banker what stage your loan is at? Are you still waiting on Credit Approval or Valuation? There is a process and it can take time. That all depends on your financial situation.

Your banker should be able to give you more detail.

Regards JO
 
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