Westpac - Title Issue

Hi All,

Just a quick question re Westpac.

Daughter number 1 currently has an application in process and has just been advised that the loan will not be appproved until the property title is available......

New property, title currently doing the rounds of the LGA's and is anticipated being released / available within the next couple of weeks.

Understand of course that you cannot settle until a title is available.......but not getting approval to borrow???

Any ideas.......

Contract was signed subject to finance approval within 21 days and settlement 14 days thereafter or at title release, whichever of the two ended up earlier.


not unreasonable.............

A usable title is an important thing for a mortgage backed loan.

BUT its not impossible to have a loan unco approved if the lender can get a valuer on to the security

if there is no LMI involved you might be able to push them on the chicken or the egg idea.............no loan approval no loan :)

Obviously as you say it would never settle if there was no title

Thanks Rolf,

Yes, a title might just come in a tad handy......:)

Never come across this before, so a little uncertain of the next step for her. LMI is involved, so that kills the chook.

Last I heard the bank was actually talking to the vendor as to the expected release date.

She of course has just dumped 10K on this place and is now a little worried that she'll do her dough.

Just proves I suppose that there is something to learn in this game every day.....:eek:

Thanks Rolf


As long as all approved the bank should issue approval subject to title. I've just done a duplex with BankSA and they wouldn't value until titles were lodged. Otherwise they would just value on the original security at last sale divided by 2.However they certainly approved subject to issued titles. Value came in at market value and even approved construction funding on each block.

So at risk of loosing her $10k id go to another lender.....

I would think if you fail finance you get your 10k back :)

As long as you notify with 21 days and don't get strung along by the bank making up its mind if it wants to do the deal or not. CBA have a habit of doing vals after mortgage docs are signed and this presents a huge problem ! So don't go to them either.