Forum Replies Created
- Qlds007 wrote:Wishful as Terry has mentioned likely to be a good 7 working days but i cant believe they have asked for them in the first place.
Doesnt sound like the Bank johnny who put the deal together for you has any idea.
With No LMI quotes would not be a requirement.
We are dealing with the bank manager at our branch. He has said that it is what the assessment team want, I am unsure why. I found it strange as well as we dont need LMI and we have been with the bank for yrs with no problems, we always pay on time.
Terryw wrote:If quotes were a condition then it will go back to the assessor for sign off once the quotes are supplied – but they shouldn't need to reassess it all again unless there is a long time between asking and the supply of the quotes – or if your situation has changed.Terryw Do you know how long that usually takes?
Qlds007 wrote:If the LVR is 80% of current value then there will be no reason why the Bank needs quotes.
If however it is 80% of post work valuation then it is likely the Bank will want to pay the funds out directly to the tradesman to ensure the work actually gets done.
All in all your Broker should be able to sort it out for you.
We are dealing with the bank directly. Our LVR will still be under 80%.
Does anyone know once you have the quotes does it need to go back to the credit assessment people again?
Hi Someone mentioned in one of the posts that there could be possible issues but didnt go into it, I was wondering if anyone wanted to explain the possible issues that could arise.
Also thanks to everyone that replied.
