Nervous about Approval

Today is the end of our second extension for finance approval and we still havent heard anything from Bank West (broker is chasing & chasing them). I have no idea what the problem is - they faxed us through something last Friday saying we had approval conditional upon valuation of our IP which they did on Monday and had by Wednesday. So worried we will miss out on this unit - really really want it- fantastic location. Aaaargh. Should we ask for another extension? Its getting embarassing. At the rate it is going we wont have approval until a week before settlement!!! Poor vendor will probably will put it back on the market. Stressing & getting a headache. Should we ring BW direct or just let the broker deal with it.
 
It is most likely with their LMI. Ask your broker what the current turnaround time is. If the val has been done, the vendor most likely will not put it back on the market just yet, but you might have to request a settlement extension if it is that close to settlement...
 
Settlement is not actually for another 4 weeks - we had 60 day settlement but the finanance is at 30 days and counting..... just nervous.
 
We were in a similar situation several months ago. We had to rescind at 4.45pm!

We were only after pre-approval and it finally came through several weeks later through a different lender and different broker.

We re-committed to the purchase and are today waiting on our formal unconditional approval! So I am nervous too.

Hope it all comes through for both of us. :D
 
BankWest are slow, even before a tightening in the market they were slow, so I'm sure they are worse now.

In my case, when I chased them up (very nervous first IP purchase), they wouldn't talk to me, only my broker :mad: so calling them was a waste of time.

My second purchase (different broker) was much easier and it shouldn't have been because it was a lot tighter. Our broker kept on their case every step of the way and made sure it went through on time.

Perhaps give your broker more of a gee up?

Good luck with it all. I was a bundle of nerves for the whole 6 weeks for both settlements - I seemed to spend the entire time nagging somebody.
 
Ensure your broker is pro-active & not reactive. If he/she hasn't been constantly updated on the progress them my guess is the 2nd option is applicable. If this is the case then the "gee up" as mentioned is your best plan of attack.
Find out from your solicitor the latest time they need to know about any extension application. If no answer by then I would request the extension. A courtesy call from your MB to the agent would do no harm either. If the agent understands the delays he will almost certainly re-assure the vendor.
 
Ensure your broker is pro-active & not reactive. If he/she hasn't been constantly updated on the progress them my guess is the 2nd option is applicable. If this is the case then the "gee up" as mentioned is your best plan of attack.
Find out from your solicitor the latest time they need to know about any extension application. If no answer by then I would request the extension. A courtesy call from your MB to the agent would do no harm either. If the agent understands the delays he will almost certainly re-assure the vendor.

Sage words from one who knows, hey Steve? ;)
 
Great news Littlelee!

Ours came though yesterday morning. All systems go finally! Took u s6 months to sort this loan! Far out. Never EVER have we had such problems. Unbelievable. But all good! :D
 
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