Finance condition: confirming the property with the bank
The bottom line
Do not confirm the finance condition until the bank has approved this property in writing.
The finance condition is satisfied when the bank gives you a written approval for the specific property, not when you feel confident. Banks sometimes ask for a valuation, more information about a cross-lease, or evidence about unconsented work before they approve. If a building report has produced a price reduction, the bank has to be told.
Your mortgage adviser drives this; we make sure the dates line up and the paperwork lands.
Read this
Pre-approval, loan documents and your bank
Do this
Ask your adviser what the bank still needs before it can approve the property
Check yourself
When is the finance condition satisfied?
When the bank gives written approval for the specific property.
Name one thing a bank might ask for before approving.
A valuation, cross-lease information, or evidence about unconsented work.
Must the bank be told about a price reduction?
Yes.
Talk it through
Want a lawyer to check your situation?
A free 15-minute call with a property lawyer who only works with first home buyers.