Hi Mia

Sounds like you are experiencing the same things as me.  My broker said to exchange before we got the final approval although it was approved in principal.  And yes, the contract was unconditional. 
I was told I should trust them but … I just couldn't and have not yet exchanged. My conveyancing isn't very concerned about things either and my partner and I feel as though the only people looking after us, is us.  The bank is taking its sweet time (tap, tap, tap) and the real estate agent is pressuring us to exchange but seeing as we would be the only ones out of pocket if it all goes pear shaped we simply refuse to proceed until finances are guaranteed.

Great to hear you were able to reverse your decision in the nick of time.  You'll be able to sleep a little better tonight. 

Terry and Richard – what do you suggest Mia do now?  I am sure you are right but as she has already exchanged and is anxious about that decision, what course of action do you think she take besides waiting and hoping?

The extended loungeroom looks much better Reno Queen.  Poky closed in rooms are so er… claustrophobic.  Well done!

I ditto  what Mick said.  You have a $60K margin so it should be ok.  The banks are very slow at processing loan apps at the moment so just make sure your broker doesn't let things lag.  Let us know how you go.

Gerald Celente also predicted a lot of things that didn't  happen too.  I think a very deep recession is definitely coming.  I mean, really, how could house prices etc just keep going up, up, up the way they have the past 20 years?  Its been a period of gross consumerism and consumeristic snobbery has been everywhere as though possession were the sole measure of a person's value. 

When the going gets tough, the tough and quietly resilient get going.  There are millions of people in this world who own nothing and still manage to be happy and have fulfilling relationships.  I think this is a time to take stock of our situation and adjust what needs adjusting because a new era is on the way.  It just a shame the popular analysis of demographics (as well as a few other areas) and their affect are only just now, being thrust into our faces.  Ah… looking backward is always so much more accurate than looking forward.  If only…

I think that if you can consolidate your affairs and reduce the degree of leverage as much as possible it will prevent a lot of personal stress and possible hardship.  I still think real estate is a good investment when compared to the volatility of the stock market.  People still need somewhere to live.

This time around there is a social security and governments have learned much from the great depression and more recent recessions in other countries so how things will pan out will be interesting to say the least. Unemployment rates were above 10% in the early 80's and early 90's.  I remember moral was pretty low for a lot of people in the very early 90's but things did improve after 4 years.  At that time we had a new mortgage and 2 babies and both of us lost our jobs.  It was tough. 

Congratulations Reeco!  Mistakes can cost a LOT of money so being mentored by people who have already made plenty of mistakes but who have learned how to do it smarter and who are weilling to teach you how is so worth it.  I would do it in a heartbeat if my partner would allow it ,as I have learned first hand, how beneficial it is to know people who have experience in whatever area you are interested in.

Good on you!

From my understanding, owner's are permitted to be on/in the property any time prior to settlement.  Obviously, most vendors would want to be packed, gone, etc 12 to 24 hours prior to the expected settlement time so they are not frantically rushing out at the last minute.  You sound like this type of vendor but… there is no mandate that everyone must be like this.

I am in awe.