Hi i need some advice pls , my contract says i need to settle,
- 28 days from the date of contract (contract sign date: 18 June 2013 settlement due: 16 July 2013); or
- 21 days from the vendor’s solicitor advising the registration of the strata plan (vendor’s solicitor advised me on 26 June 2013 which means settlement is due on 17 July 2013).
so i am waiting for bank to get me loan approval unconditional by Friday 05/07/13,
my question is,
- Do i still have enough time for settlement after 5/713-17/7/13?
- Can i request for settlement time to be extended?
Thank you.
1. Yes it's possible but you'll need the file to be escalated. They'll need to print and send out the loan offer docs ASAP and you'll need to return them quickly.
2. Yes you can try.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Usually most residential contracts have a built in 14 day extension period. Where you can request a extension and they charge you default interest usually at 10 percent. This is if its the banks fault and them being slow and you haven't just applied 2 days before settlement. IF the bank do take a while to organize your loan, you can request them to give you some payment back for the period. This payment might be say to waive your application fee or waiving your annual package fee.
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