What to do...paid 15k deposit now bank playing hard ball!

[rw23]

My husband and I have just purchased a property. On Dec 14th to be exact. Settlement is in 4 weeks and the bank is now playing hard ball and asking for more proof of pay slips, letters etc etc. They conditionally approved in the first place but we supplied all the pay slips etc etc when we did this. I am absolutly stressed to the max that it is all going to fall through..My question is and I hope someone can help me(because I want to get to it now), can I get my deposit back? It is 15k and it took us a long time to save.

Any advice would be great..

 

[Rooster]

Generally, if your contract is subject to finance, and you can't secure finance then your $15k will be returned.

You will need a formal letter from your bank showing that finance was declined.

Your contract of sale will probably stipulate what the conditions are if you can not obtain finance.

Cheers

Rooster

 

[Amadio]

As Rooster said.

Don't stress too much yet - it's quite normal for a bank to ask for more paperwork.

They love paper. They get it. They lose it. They get it again. They lose it again.

Just make triple copies of everything they ask for so you have immediate back up supplies.

 

[Rolf Latham]

Don't stress too much yet - it's quite normal for a bank to ask for more paperwork.

yup

pretty standard

anything thats marginally out of date usually needs to be resupplied, especially so where the lvr is > 80

ta
rolf

 

[Token Funder]

My husband and I have just purchased a property. On Dec 14th to be exact. Settlement is in 4 weeks and the bank is now playing hard ball and asking for more proof of pay slips, letters etc etc. They conditionally approved in the first place but we supplied all the pay slips etc etc when we did this. I am absolutly stressed to the max that it is all going to fall through..My question is and I hope someone can help me(because I want to get to it now), can I get my deposit back? It is 15k and it took us a long time to save.

Any advice would be great..

Supply what is asked and do it quickly. 4 weeks to settlement ordinarily wouldn't be a drama but the focus for most banks ATM is the QLD floods which is slowing other transactions.

 

[wylie]

As Rooster said.

Don't stress too much yet - it's quite normal for a bank to ask for more paperwork.

They love paper. They get it. They lose it. They get it again. They lose it again.

Just make triple copies of everything they ask for so you have immediate back up supplies.

LOL. Ain't that right!!! So many stories about banks stuffing up and phaffing about holding things up...... and too little time to tell them.

We had to re-schedule son's settlement twice due to bank phaffing about, losing documents, sending them to the wrong place, yada, yada....

Now we have another transaction and just waiting to see how they go this time .

 

[skater]

Agree! You would thing that since they have done this a few times that they would iron all the bugs out, wouldn't you? My experience has been that can't organise a chook raffle, so why on earth do they think they can organise finance. Sit tight, be patient, and just give them what they want.

 

[rw23]

Thanks guys...

Thanks everyone for your replies...it has pacified me a bit.
No-oone tells you how stressful this time is between signing and settlement! I have aged 25 years.

 

[Jamie M]

They love paper. They get it. They lose it. They get it again. They lose it again.

Haha, love it! Last week, within the same phone conversation I was told "we definitely haven't received that document" and then "faxes go missing here all the time."

My advice is to send it to them asap - if you're dealing with them directly, follow it up and make sure it's received. Likewise, if a broker is looking after it, they should do the same.

 

[RickF]

Dealing with the banks is what I find to be the most frustrating part of buying property. You have to spoon feed them the whole way. They will set everything up so that it is simple and easy.........for them though, not you.
Keep ploughing through. You will eventually reach the end of the manure pile.

 

[NataleaK]

I did my recent loans through bank of qld - gave them everything via email.

They never asked for a single thing twice.