QLD: Conditional finance approval - safe to confirm finance date?

Finance was due on Friday and I haven't heard back from the seller yet about my extension request. This morning the bank told me the loan has been conditionally approved and it's now with the mortgage insurers and all they need now are some additional documents (easy stuff - they need rental agreements from all my other IP's, nothing that should rock the boat).

Should I go ahead and ask my lawyer to confirm finance or would I be playing with fire? How many loan applications go sour at this late stage?
 
Ok thanks, will do! I have enough cash to pay the full 20% anyway even if they reject my LMI application but you're right better to be safe than sorry.
 
Why's LMI requesting rental statements? This is something that's done at the lender level.

Which lender is the application with?

I'd chase up the other side about that extension.

Cheers

Jamie
 
Better to ask for an extension. Alternatively as the finance condition is not deeming in QLD you could just let it hang until you get an approval. Your risk here is that the seller terminates before you waive finance but you still get your deposit back.
 
That's unusual for AMP. Are your borrowing more than 90% (such as 90% + LMI)? If that is the case, I'm not sure what the value in AMP would actually be.

hmmm....sounds like it's outside of DUA which means you're prob right (90%+ deal). However - from memory, I think some deals randomly fall outside of DUA and are referred to genworth.
 
Yes I am getting 90% + LMI (actually this confuses me a bit - why else would I need LMI, of course it's going to be over 80% right, otherwise I wouldn't need it?).

And what does "DUA" mean?
 
DUA - "Deferred Underwriting Authority". It means the lender has an agreement to sign off the LMI component without forwarding the application to the mortgage insurer as long as the application falls within certain parameters. Given mortgage insurers are far more conservative than lenders, this can be very useful.

There's quite a few few reasons why your application has fallen outside the DUA parameters. The LVR is the most common one, but there are others.

19 times out of 20, this isn't a problem.
 
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