Bank Re-assessing Approval In Principle

Yes, I would prob as well.....be getting ready as possible.....

 

So we had some good news from our broker today.
They received an email that we are unconditionally approved !
I believe my spouses pay increase letter was perfect timing and pushed us over the line. Phew!
Hopefully now it is 100% confirmed

Lessons for me next time when purchasing at my borrowing limits:

• Try to buy privately and go unconditional within the cool off period
• Make sure to choose the best lender in terms of their serviceability and DTI policy

 

I will add 2 more lessons you should learn from this
1) choose your broker wisely
2) then trust they know how to do their job

I suspect your broker knew this would be approved all along and there was likely nothing to be concerned about from their perspective.
It's natural and totally understandable to be concerned when your deposit is on the line however, and I mean no offence, I believe you misinterpreted the fact that this application needed additional credit approval due to the DTI being >6.5 as "this application will be declined" which isn't always the case when applications require higher delegation sign off from Credit teams within the banks.

All the calls on this thread for simultaneous applications to be lodged with other lenders just fed the fear of being declined, which is also understandable.

I dare say there was a reason for choosing ME bank over other lenders with less restrictive DTI limits, most likely due to the interest rate. It's one of the first things most borrowers are concerned with, until they're faced with a situation like this one.

Congrats on your approval.