UNCONDITIONAL HOME LOAN APPROVAL DOES IT EXPIRE?
Posted: Fri Apr 16, 2010 2:13 am
hI Everyone,
I applied for a home loan last year and it was approved unconditionally on the 9th of October 2009, my conveyancor have sent a copy of the approval to the vendor. The contract I entered into was off the plan therefore settlement happens upon completion of the building. I was initially told the building will be ready by either last week of Feb or Early march 2010, this didn't happen and before the end of march my broker told me that I need to settle before the 12th of April 2010 otherwise I will have to re-apply for my hope loan. This is apparently the Mortgage Insurance Companies Policy (Genworth) that if a loan is not advance within six months of approval a re-asssesment of the loan application is needed. In the event the bank refuses my loan I might loss my deposit and face lawsuit and possible penalties from the vendor. Can someone advice me on this please
Regards,
Filo78
I applied for a home loan last year and it was approved unconditionally on the 9th of October 2009, my conveyancor have sent a copy of the approval to the vendor. The contract I entered into was off the plan therefore settlement happens upon completion of the building. I was initially told the building will be ready by either last week of Feb or Early march 2010, this didn't happen and before the end of march my broker told me that I need to settle before the 12th of April 2010 otherwise I will have to re-apply for my hope loan. This is apparently the Mortgage Insurance Companies Policy (Genworth) that if a loan is not advance within six months of approval a re-asssesment of the loan application is needed. In the event the bank refuses my loan I might loss my deposit and face lawsuit and possible penalties from the vendor. Can someone advice me on this please
Regards,
Filo78