Applying for a new loan after receiving unconditional loan from a lender and before settlement

Hi everyone, just keen to get people's thoughts and issues to consider surrounding applying for a new loan after receiving unconditional offer from a lender and before settlement date. The first lender we went through unfortunately has committed to a loan balance lower than expected and accordingly, I am planning to accept this (so that we have an unconditional loan offer) but explore other options.

The main concern / issue I have with above is whether the first lender may terminate the unconditional loan offer (after learning we applied for a new loan) and the second lender which we apply end up a lower loan balance.

Keen to hear stories and issues to be considered...

 

It's fine to do.

 

Thanks @Tony Xia for the insight, have you encountered any issues in the past? Just want to make sure I am fully following rules so that we do not risk any issues.

 

No I haven't, not once. If they do they might ask whats going on with that app...in which you could it's not being proceeded with.

 

How long do you have until settlement is due? can you get another loan approved and ready for settlement in time?
Is this Macquarie who won't lend you as much because you put incorrect rental income and expenses on your application?

This should really be done prior to applying with any lender, it's not good for your credit score.
Suggest using an experienced Broker who knows what they're doing next time, because from what I can tell from your past posts, you've asked brokers for help here then tried going direct, correct?

 

@Lindsay_W No I did not go direct and these are not for me personally. As a professional service provider myself, I would never ask questions and try and do this personally myself as I know 100% I will make a mistake somewhere.

 

It's unlikely to happen.

Do you have enough time to get a new loan approved with a different lender?

Cheers

Jamie

 

What 'professional services' are you providing?
Who's lodging these loan applications on your clients behalf, banker or broker?