Do many conditionally approvals get knocked back for unconditional

We got conditioanlly approved for home loan 2 weeks ago.
Needs home evaluation and change of credit card limit (both have been done).
Bank now says im in a queue until next week.

Do many get knocked back?
Should i have a back-up property, a little cheaper?

Settlement is due in 6 weeks.

Ta.

 

The only risk to your application at this point will be hte valuation - if something in that raises a flag, it might fall over but generally the risk of this is pretty low.

 

Depends on whether it was a credit assessed conditional or a system conditional as they are 2 very different things.

The comment about the credit card limit sounds like its a credit assessed approval which is great.

 

Was the application prepared via a broker? If so - ask them about the valuation result. See if it came back at purchase price and if there were no high risk ratings.

Cheers

Jamie

 

Generally speaking, if the property being valued (security) is a standard property, one of many in the area with the purchase price in line with the area without anything unusual about - should be ok. LVR plays a role here also. Change of credit card limit tells me there was a servicing issue also. But I don't see this affecting the unconditional status provided the val is fine.

 

Was this with CBA? They seem to have lengthy delays at the moment unless your broker has diamond status... so I’ve learnt.

 

Does the property value report generated from the bank’s website gives an indication of their true valuation?

 

Not always, they're pretty hit and miss.

 

in most cases the bank websites generated reports are far from "true valuation", assuming we are talking about publicly accessible reports (ppl put in an address, the website spit out a "valuation"), not the AVM or desktop valuations.

 

Thank you Eric, does the public report often value higher than the true valuation?

 

It can - it takes no notice of the condition of the property so if the property is a dump in a good area, the report can be higher.

 

Jess is correct, theses reports are merely banks advertising tool. Not reliable or worth much attention. Most brokers subscribe to Rpdata, Rpdata reports are more valuable (not for the price estimate, but the comparable sales)