Last week we had a call from our Broker telling us we'd been formally approved by CBA. I'm not sure if they said unconditionally or conditionally but we were told we were FORMALLY approved.
We'd applied 7 working days prior to that day and were happy to hear this. We'd provided all the documents we needed to, including the fully signed land contract.
I called the new person incharge of our finance today and she advised that we HAVE NOT been formally approved, that the banks are actually waiting on a fully signed land contract. (Which i have already provided) The new person then asked me if the person that told me i was approved told me it was unconditional or conditional? Didn't know there were two types of formal approval..
The rest of our 5% deposit for the land is due in 11 days, but we'll be away for those 11 days on a cruise. Our conveyancer has told us that she won't be giving the rest of the 5% deposit cheque to the land until there is 'formal unconditional approval..' and that she'll organise with the conveyancer while i'm away for an extension on the land contract if we need it while waiting for 'formal approval' that we thought we already had from the bank.
Should i be worried? What is the different between unconditional and conditional approval?