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pre approval loan amount..confusing!

Discussion in 'Property Finance' started by CCHO2015, 24th Jul, 2015.

  1. CCHO2015

    CCHO2015 Member

    Joined:
    16th Jul, 2015
    Posts:
    5
    Location:
    VIC
    We have a pre approval loan for $359,808.00 on the paper and the bank lender says in the email

    "we have an Approval for a purchase property of $380,000."


    Does this mean we can purchase a property for up to $359808 or $380k??

    We cant get an answer from the guy...not sure if he is on holiday..

    We have a deposit of $52149

    Can anyone help us? thank you
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,145
    Location:
    Canberra and Sydney
    You need the guy to confirm but sounds like it's the lower amount - the $380k is likely the purchase price and not the loan.
     
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    1,165
    Location:
    Gold Coast
    Means that I suggest based on your numbers, best to call the banker tommorow though and confirm before finalising a decision

    ta
    rolf
     
  4. psylence

    psylence Member

    Joined:
    16th Jul, 2015
    Posts:
    19
    Location:
    NSW
    Maybe its a purchase price 360k plus stamp duty for the 380?
     
  5. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    14th Jun, 2015
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    Location:
    Sydney & Adelaide
    Sounds like a 93% + LMI cap to 95%?