Can a bank decline a loan after unconditional approval granted

What State are you in? I believe in NSW you get 2 weeks past your settlement date to settle.

You may still have time to arrange a loan with another bank in the worst case scenario that NAB doesn’t lend the $&$. Speak to your broker. You can deal with ombudsman, lawyers etc in parallel but that usual takes time.

As someone else asked have your circumstances changed?

 

It wasn't hard to gather, but if someone hasn't done there 2020 Tax returns then you'll be in trouble.

From what I gathered, when they do stuff like this, is because the files gone to risk/fraud team for review.

They took their time, and when its a purchase it's a stressful situation.

 

Yea ok got it. The bank are probably also questioning how they got full approval if this is the case.

 

Have your circumstances changed though?

 

They did prior to getting unconditional approval, once we got that we made an offer on the place with a 10 day cooling off, conditional approval was granted the day before exchange, hence why we put our deposit down, everything happened in 3 weeks

 

In NSW and no nothing has changed

 

No

 

If nothing has changed do you actually feel as though the bank may not go through with the approval or you just feel because they are asking that something could be wrong?

 

Both, not feeling very confident at the moment, just thought it was strange for them to ask, literally 4 days after full approval, information has been provided and no response and we are due to settle in 10 days, so very worried.

 

Seems a little weird that's for sure. Were you at the top end of your borrowing limit?

 

No

 

Paranoia. I was in the same paranoid state after getting unconditional approval for a deal I really needed to settle. It was probably the most important deal of my life so I was crazy paranoid something might go wrong.

 

Well fingers crossed it all works out for you. I hope you keep us posted on your outcome but for me I would not be able to except losing my deposit over an unconditional approval given the day before I signed a contract, to me seems ludicrous.

 

I hope your right, we have all our savings at stake here, 3 yound children, and no roof over our head in 3 weeks

 

Thank you

 

Very strange. Broker or direct?
Do you bank with NAB? What changed prior to unconditional that you mentioned?

 

I have a broker friend who has had WBC cancel settlements twice on the actual day of settlement.

 

Reason?

 

From memory he said they basically wanted all new docs for everything from income, to super, to debts, savings, etc.

Second one I clearly remember him telling me that wanted to know where the funds to complete were coming from and wanted to see it in bank accounts, etc.

Was a few years ago he told me over a beer, I believe he hasn’t sent a deal to them since.

 

Seems strange they unconditionally approve these then at last minute ask where the funds to complete are coming from, would they not need to know this before giving initial approval?