ANZ formal approval

Hey guys,

Just wondering if anybody can tell me whether an ANZ unconditional approval has an expiration date or how long it is valid for?

we have just been given unconditional approval for a loan but are still waiting on the loan docs to sign. Our settlement date isn’t until mid August as the vendor wanted a long settlement and that timeframe worked for us. Now I’m just wondering if we’re likely to face any issues with the unconditional finance due to the long settlement.

Any input is greatly appreciated

Thanks

 

Yes there will be a time limit. Generally somewhere between 30 days and 90 days. Did you tell them the settlement date?

 

I provided them with the COS which has the settlement date

 

Likely they wouldn't have noticed it then. Prepare for the worst and hope for the best - assuming you might be asked to re-qualify for the loan and you will likely need a new valuation too as the valuation will be over 3 months old at that point.

 

Valid for 90 days from the date formal is provided.

Docs shouldn't take more then 48 hours as this is emailed to you and your broker.