Finance Conditions | The Cost of Extensions
It is becoming more and more common, particularly following the Banking Royal Commission, for lenders to be taking longer to process loan applications and seeking extensions to the finance condition due date. This may also have ramifications for the settlement date.
We recommend the following tips to avoid any last-minute delays:
- Before signing a Contract of Sale, ensure you have home loan pre-approval
- If your lender or broker has advised that it will take 7-14 days to get approval, do not agree to 7 days in the Contract – allow yourself plenty of time as chances are, it may go down to the wire
- Provide a copy of the signed Contract of Sale to your broker or lender as soon as possible and ensure you return any required paperwork back to them promptly
- Keep the pressure on the banks and ask your broker to escalate your application on your behalf.
Unlike a lot of our competitors, at Map lawyers, we do not charge you any extension fee. Our fees are a true fixed fee service and include unlimited requests for extensions (if you need them).