Hi folks. I am purchasing a property and have a subject to finance clause expiring tomorrow with a deposit payable that day also. I have received from my mortgage broker an "advice of loan approval" faxed from the bank, but haven't yet received any loan contract documents from the bank. Apparently they were sent before the easter weekend, but I haven't yet received them and have asked them to be re-sent. Settlement is 10 days away.
My question is, can I rely on the bank's fax as evidence that I actually do have finance and will be able to complete the sale.
Also, how long before settlement does the loan contract need to be finalised. If the bank doesn't receive the documents back from me until say 4 business days before settlement is that going to be a problem?A lot of this depends on the lender. Which bank is it?
ANZ
Anz will have sent your Broker / Branch a faxed Loan approval advice with all terms and conditions mentioned.
You have no problem as long as you have sighted these.
More of a concern would be the whearabouts of the loan docs.
If they have gone astray the Bank could have a duplicate set ready within hours and you could sign them the same or following day. Once back with Anz they only need 48 hours notification for settlement so all should be sweet.
I would however be getting your Broker or banker to chase them up again as it sounds like Mombai may have sent them some where else.
Richard Taylor | Australia's leading private lender
Very assuring! Thanks Richard.
anz are the worst! they lost mine and i was chasing them daily for about 10 days all i got was the run around, in the end i was 2 days past settlement but didnt have to pay anything extra and it all worked out ok, it was just before the holidays in christmas so a busy time i guess. you should definately tell your solicitor and get them chasing as well, bit of pressure from a few different places never hurts
Disagree a call to Anz and we could have a new set out the same afternoon.
Cant say that with every lender.
Richard Taylor | Australia's leading private lender
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