Browse Forums Home Finance 1 Nov 25, 2009 12:28 pm Does anyone know how long the Pre-Approval from Suncorp is valid for? 1 month or 3 months? 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 2Nov 28, 2009 8:37 pm aLLaNNa1 Does anyone know how long the Pre-Approval from Suncorp is valid for? 1 month or 3 months? 90 days from application date - this should be stated on the pre-approval letter. regards, Bill Mitris - Home Finance Manager Re: Suncorp pre-approval 3Nov 30, 2009 11:17 am Hello, The 90 days statement is correct. However in todays climate. If your lender or broker (at the time of you applying) mentioned that the 'servicing' was tight or close. The above preapproval has an effective life of about 1 month (between meetings of the Reserve Bank of Australia). The last 2 months have seen increases of 0.25% each meeting and another 0.25% is expected this coming meeting. It may pay to touch base with your lender/broker after each RBA meeting to get them to recheck the servicing on your lending with the new 'expected' rates. Some lenders factor these increases in EVERY time they occur. Some factor them in as an average every couple of months. It is best to know these things early.. Rather than putting a contract down and finding out in the 11th hour. Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: Suncorp pre-approval 4Nov 30, 2009 3:59 pm Thanks for the reply guys, 90 is good then. Our broker said that servicing "looks good" and "shouldn't be a problem", but yea dont know whether he calculated using current interest rates or whether he has factored in future rate rises. Should be formally submitting our pre-approval application in the next few days, hopefully all goes well. 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 5Nov 30, 2009 4:39 pm Hey Allanna, Ask your broker to push for a FULL conditional approval with Suncorp. They tend to run the figures and go yay or nay. If you push for a FULL conditional approval. They run the credit report, decision no income and submit to credit for approval if there are any issues (things they dont usually do for a preapproval if not requested). A full conditional approval will be everything assessed subject to purchase contract, valuation of the property and Mortgage insurance if any. The rest should be done up front. The most they may do is get updated payslips later on down the track. Its best to push for this. Otherwise like I mentioned in the other post. There can be surpises, and its best for these to be dealt with in advance not at the last moment. Cheers, Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: Suncorp pre-approval 6Dec 01, 2009 10:43 am Thanks Trent, thats actually a very good point. I'll ask the broker to do this. Would the full conditional approval have the same 90 day expiry as well? 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 7Dec 03, 2009 9:00 am aLLaNNa1 Thanks Trent, thats actually a very good point. I'll ask the broker to do this. Would the full conditional approval have the same 90 day expiry as well? Yes aLLaNNa1, very much so. It is very important that you do not agree to a LONG settlement exactly for this reason. Without going into all the details, one of my customers experienced major stress when the vendor kept pushing the settlement date out. All loan offers will have an expiry date, some are very short indeed. This gives the lender an exit clause if there is major changes in the environment, eg. when they decide to lower LVRs etc. Re: Suncorp pre-approval 8Dec 03, 2009 1:03 pm thanks thlo, much appreciated. this will be for construction loan, so i'll be asking my builder to get started on the final contracts and drawings, and hope they get it all ready before the full conditional approval expires. 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 9Dec 17, 2009 1:54 pm We've just got pre-approval (valid for 3 months) for our land and construction. Doesn't seem to be a full conditional approval as they haven't done credit check yet, plus we're still waiting for the final contracts and plans from the builder. Timing is abit tight as the builders contracts will only be ready in mid-Jan (supposed to be ready before Xmas) and only then will be sent for Council Approval. This leaves us with less than 2 months to get the all clear from council and what not. I just hope my council wont take too long to process the approval, otherwise we'll have to re-apply for finance all over again. 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 10Dec 23, 2009 2:12 am dont forget its not just contracts to go to council. its all your drawings aswell. account in the time you get to look at them and the contracts, drawings getting actually drawn up your looking at well into january imo. You have to allow for mistakes aswell, these take time to correct. all up my contracts and drawings took 6 weeks. so contracts before christmas could have been feesable but not into council. plus i cant see why you would have to re-apply, could you please explain because by this stage i would have thought finance would be unconditional. Im unaware that you can send in council approval for a block you do not own, i might be wrong, so in hind sight you would already have a loan on your block by this time aswell. im no expert so dont judge me just my two cents building heysen4e through SarahHomes at Milang IM THE PROUD OWNER OF DIRT house into council 22/08 Unconditionally approved 25/09 mortgage docs signed 29/09 land settled 09/10 land titled 22/10 start date about two weeks away!!! http://www.mymilangbuild.blogspot.com/ Re: Suncorp pre-approval 11Dec 23, 2009 2:14 am just for clarification, by "own" i do not mean outright building heysen4e through SarahHomes at Milang IM THE PROUD OWNER OF DIRT house into council 22/08 Unconditionally approved 25/09 mortgage docs signed 29/09 land settled 09/10 land titled 22/10 start date about two weeks away!!! http://www.mymilangbuild.blogspot.com/ Re: Suncorp pre-approval 12Jan 05, 2010 12:11 pm Yeah that's right. Builder just informed us that the contracts are ready, but not the full drawings/plans as they cant do that till titles are released. Since my titles may not be ready till the end of Jan (at the very earliest I think), that means I might only get the full drawings done by mid Feb, then add another month or so for council approval.......so by the time everything is approved it would be end of March or April By the way, someone told me that when your pre-approval expires and you re-apply again, the second time will be much more difficult? Even if there's no change to income etc etc. Any truth in that? 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Suncorp pre-approval 13Jan 06, 2010 9:54 am Hey Everyone, No its not more difficult to get it 're-approved'. It is just re-enabling the same application with updated info. Reasons that it may be more difficult is if something in your situation has changed ie. changed jobs, taken on a credit card or loan or if the banks or mortgage insurers credit policy has changed, or your servicing was tight and there has been interest rate increases etc. Other than that there is no more difficulty in resubmitting the same approval for continuance than when you first approached the bank. Hope this helps. Regards, Trent Davidson Property Finance Consultant Residential Lending LJ Hooker Finance Brisbane North Credit Representative Number: 387283 under Australian Credit Licence:380270 Re: Suncorp pre-approval 14Jan 06, 2010 10:53 am Thanks for clarifying that issue Trent 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 1 2989 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). 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