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.
Is something wrong here?
- Thread starter renomegahn
- Start date
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
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
