If your contract is subject to you obtaining finance, please advise us by no later than the morning of, whether you have obtained unconditional finance approval (bank’s written approval required) or whether you are making arrangements for your real estate agent to request an extension. We further advise that it is the seller’s discretion whether to grant an extension.
If your contract is subject to finance approval it is extremely important that you are aware of the following:
- Before you advise us of finance approval that you receive written notification of your finance approval from your bank or financier;
- That you advise us that you have received finance approval before the due date for finance approval;
- That you provide us with a copy of the approval letter;
- Failure to advise us of finance approval before the due date may result in the seller terminating the contract;
- You may receive finance approval from your bank or financier, subject to the bank’s usual terms and conditions. This is deemed to be unconditional finance approval for the purpose of satisfying the finance clause on your contract.
- If you waive your finance approval, your contract is no longer subject to the finance condition. Should your bank or financier then withdraw finance approval after the contract has been declared no longer conditional upon finance approval, you will be liable for breach of contract, lose your deposit and be sued by the seller if you are unable to get alternative finance and complete settlement of the contract on the settlement date.
- It is important that after you receive finance approval, you sign mortgage documents as soon as possible and your bank is ready for settlement so as to avoid a breach of contract and loss of your deposit and the right for the seller to sue you.