Browse Forums Home Finance 1 Mar 30, 2019 1:06 am We have signed a contract on a block of land that is still being developed. We have finance approval subject to title. The developer has informed us title will be ready in approx 60 days but is rejecting our pre approval and is demanding unconditional finance approval. We are at a loss as to what to do everything is approved from a lending point of view but if the bank want title to go unconditional we have no way of changing that, our solicitor and broker are also confused. Anyone had this problem? Re: Finance approval subject to title problems 2Apr 14, 2019 9:02 pm The Goods We have signed a contract on a block of land that is still being developed. We have finance approval subject to title. The developer has informed us title will be ready in approx 60 days but is rejecting our pre approval and is demanding unconditional finance approval. We are at a loss as to what to do everything is approved from a lending point of view but if the bank want title to go unconditional we have no way of changing that, our solicitor and broker are also confused. Anyone had this problem? Are you sure it's a pre-approval? If you have had the application fully assessed and it is just subject to the block being titled as a settlement condition, then this is normal and that should be enough for the developer. You should still be able to have the loan ready to go and waiting for the developer to register the title, at which point it will give you two weeks to settle. Re: Finance approval subject to title problems 3Apr 21, 2019 8:17 am Think they are getting confused-broker and developer, as a normal requirement for settlement-not pre approval would be land correctly titled, A pre-approval tells developers that they are not guaranteed of payment. That said-the lender will want to see conditions of titled land-as it may have caveats or conditions to which thier credit policy dont agree with. And as for the above comment about trying "Online Loans" perhaps yes a service thats available to all, but is like saying you should go to a GP for Brain surgery-Chalk and cheese for your needs, as how could a layman understand all the intricacies of credit policy within a bank. Until they have "open Banking" (open credit policy ) then how would anyone understand unless a broker was involved?? Put your financial needs in the hands of the leaders in the market. Find out why we’re the mortgage broker of CHOICE! Feel free to PM us for support or info. Flamingo Give me a call and I will do my best to talk you through it. For those who would like an answer, Subject to seeing your actual DA condition, I think you are… 1 4572 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 56288 1 2988 |