O.P.
Hi everyone,
Myself and my fiancée are in the processing of getting/attempting aprooval from Westpac for a land loan before moving into construction later on.
The issues that were facing have been that we have passed the credit assessment stage and they have ordered a valuation now they have said they are concerned about a "vendor buyback Clause for 90c in every dollar" however I feel there interpretation of that could be incorrect and it is now with a manager.
Can anyone please advise the likelihood from here to get unconditional aprooval as we're just so worried
It seems that the buy back clause is in relation to the following:
If the encumbrancer hasn't adhered to the time limits of the encumbrancee can request a transfer of land back to them at their absolute discretion
This can be done at a 90% rate
Please let me know if this assist any further
Is this normal
Thanks