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Thanks for all your comments and its really very helpful…
Coolboy
Its worth 560K (loan for 440k) and currently with Bank west.
I have around 30k in hand but want to know whether i can put this in PPOR and go for LMI around 12k for IP.
in worst case, i will have to take up the loan with first bank with LMI….
Thanks
ThiruJacM wrote:I'd be wanting that extension in writing, and I would not be parting with more cash to raise owner confidence. It is not like this is the last house available on the planet. Life will go on if this deal doesn't work out for you.Yes, I believe that any loan rejection goes on your credit file, which is a negative for future applications. So if you think you'll be rejected, it would not be wise to proceed with the application.
What does your contract say about finance. Does it say something like "subject to finance acceptable to purchaser" or does it say something like "subject to 85% finance" ?
Has the bank had the house valued as yet? You'd want to look at that anyway to ensure you've not offered to buy an overvalued house and then be busting your gut to get finance for it.
What does your solicitor say about the matter? If you don't have a solicitor, I'd suggest getting one immediately to help look at the situation and prevent you getting sued for breach of contract.
It says "within 21 days from acceptance and amout of loan 90% purchase price" and below the email confirmation from seller agent
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"Yes, the finance clause will continue until either you satisfy the condition, provide a letter of decline, or the sellers notifies in writing that the contract will become null and void. However, yes he has verbally agreed to allow this to continue for the week.
As soon as this finance condition is met, we will proceed to settlement within 28 days after final conditions (timber pest inspection and final inspection) are satisfied.">>
