Browse Forums Home Finance 1 Oct 28, 2015 4:40 pm Do we present a signed contract (with 5% paid) to the bank for approval, or, do we present the contract unsigned? If we sign and pay the deposit and the bank says 'no', then what happens? Re: Just A Quick Question 3Oct 28, 2015 9:22 pm Generally the bank requires a copy signed by both parties but make sure you have pre-appoval first and there is a suitable finance clause written into the contract. If the bank does say no due to a low valuation or your own personal circumstances, then you will have to try and find another lender to approve your loan. If the worst case arises and you still can't get finance, then the finance clause should release you from the contract. You would most likely lose your deposit if this did happen, but that scenario is unlikely if you have gone into this with realistic borrowing expectations and obtained a preapproval prior to contracts signing Hope this helps! My build with FHBD viewtopic.php?f=31&t=78344 Re: Just A Quick Question 4Oct 28, 2015 9:50 pm Daz_ Generally the bank requires a copy signed by both parties but make sure you have pre-appoval first and there is a suitable finance clause written into the contract. If the bank does say no due to a low valuation or your own personal circumstances, then you will have to try and find another lender to approve your loan. If the worst case arises and you still can't get finance, then the finance clause should release you from the contract. You would most likely lose your deposit if this did happen, but that scenario is unlikely if you have gone into this with realistic borrowing expectations and obtained a preapproval prior to contracts signing Hope this helps! Hi Daz Luckily we do have pre-approval. I just wasn't sure about signing before or after. I didn't want to committ such a big chunk of money to something with my signature on it before the bank had 'done its thing' but I hadn't even thought about a finance clause. Thanks for your help. Re: Just A Quick Question 5Nov 01, 2015 6:41 pm I paid $1k to the land people, then signed the contract with a 21 day finance clause. On the last day the bank approved my finance, then I paid the balance of the 5% deposit. If the bank had not approved, I would have withdrawn the contract and paid nothing further than the $1k (not sure if the 1k was refundable). 1. Roof cleaning and paint - which colour do you recommend? I often see black/ dark grey in use these days but I would prefer… 0 8313 thank you! do we need to get this or our builder before we commence new build on the block? 2 10404 You can really use anything you want the main consideration would be how it looks once painted/finished - or the look you want. Cabinetmakers use MDF because its cheap… 2 9948 |