THE LOAN PROCESS - PRE-APPROVAL & UNCONDITIONAL APPROVAL
Conditional or pre-approval - Purchase of Vacant
Land
Depending on the lender and method of application,
conditional approval can be obtained from as little as minutes to a few
days,
We will provide you with a conditional approval
letter once granted by the lender,
The letter will state the conditions which may
include, but is not limited to:
Final verification such as CRAA credit
check
Income verification
Valuation of the security property etc
We often obtain pre-approvals for our
clients to allow them to look for a property with more confidence that
their finances are in order. These approvals are valid for up to six
months,
Once you have made an offer on the
property, all we normally need is a copy of the front page of the contract
so we can submit it to the lender for valuation and final approval
Unconditional approval - Land Purchase
Once all the lender's conditions have been
met they will notify us that it has formally / unconditionally approved
your loan,
We will arrange for an unconditional letter
of approval to be sent to you,
The lender will now proceed to issue formal
letters of offer and the mortgage documents,
The Lender may impose a condition that
construction must commence within specified period of time
If you are eligible for the First Home
Owners Grant (FHOG), see
First Home Owners
Grant for further details, we will assist you to fill out the
application and submit it to the lender for further processing,
If required our JP can certify the
required documents as true copies of the originals
