Redundancy after pre approval

Discussion in 'The Buying & Selling Process' started by MrWorried, 11th Jun, 2020.

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  1. MrWorried

    MrWorried New Member

    Joined:
    11th Jun, 2020
    Posts:
    1
    Location:
    NSW
    My partner and I purchased a Unit off the plan a couple of years ago and we're about to settle.

    We arranged pre-approval from the bank, through a broker. The pre-approval expires in a couple of weeks.

    I've been made redundant this week, with a payout of about 6 months work, which is helpful at least, and my work have agreed to keep me on the books for another few weeks.

    Our apartment was valued by the bank a couple of days ago and we're waiting for the results of that.

    I assume the bank may well ask for more payslips and contact my employer again? Since I'm technically still employed for another few weeks, should I be telling them about what's happened? I'm confident I'll get more work soon and the payout alone will cover any mortgage payments until the end of the year, but the redundancy timing is horrible.

    Thanks for any advice.
     
  2. Lindsay_W

    Lindsay_W Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    5,060
    Location:
    QLD/Australia Wide
    If you tell them you have lost your job it's highly likely they will not proceed with your loan unless the deal services on your partners income only - they will certainly ask to see current payslips if you are converting from Pre-approval to Formal approval.
    Definitely speak to your broker asap
     
    momentum26 likes this.