pre approval loan amount..confusing!

Discussion in 'Loans & Mortgage Brokers' started by CCHO2015, 24th Jul, 2015.

Join Australia's most dynamic and respected property investment community
  1. CCHO2015

    CCHO2015 Member

    Joined:
    16th Jul, 2015
    Posts:
    16
    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
     
    CCHO2015, 24th Jul, 2015
    #1
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    3,980
    Location:
    Canberra, Brisbane and Sunshine Coast
    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.
     
    Jamie Moore, 24th Jul, 2015
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    Joined:
    14th Jun, 2015
    Posts:
    10,650
    Location:
    Gold Coast (Australia Wide)
    Means that I suggest based on your numbers, best to call the banker tommorow though and confirm before finalising a decision

    ta
    rolf
     
    Rolf Latham, 24th Jul, 2015
    #3
  4. psylence

    psylence Member

    Joined:
    16th Jul, 2015
    Posts:
    24
    Location:
    NSW
    Maybe its a purchase price 360k plus stamp duty for the 380?
     
    psylence, 26th Jul, 2015
    #4
  5. DaveM

    DaveM Well-Known Member

    Joined:
    14th Jun, 2015
    Posts:
    3,761
    Location:
    Adelaide & Sydney
    Sounds like a 93% + LMI cap to 95%?
     
    DaveM, 26th Jul, 2015
    #5
Client Directed Portfolio Super your way

We provide our clients with the opportunity to select their own investments from a wide range of ASX listed securities. We provide the research to ensure your selections will achieve the goals. This is the value of advice.