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Two Unconditional Loan Offers

Discussion in 'Property Finance' started by Superbird, 29th Nov, 2015.

  1. Superbird

    Superbird Member

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    Hi all

    I have an unconditional loan approved from bankwest, however, have received a better offer from bank of queensland.

    If I pursue for an unconditional with Bank of Queensland could it jeopardise my existing one with Bankwest?

    I thought to get two and decide which bank offered me the best and decide from there.
     
  2. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Possibly - but probably not.

    If bankwest pull your credit file again - they'll question the BoQ enquiry.

    What's a "better offer"? - if it's just rate, then any online lender will probably do better.

    Cheers

    Jamie
     
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  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    Scary
     
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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    For the same property?
     
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  5. OC1

    OC1 Well-Known Member

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    A bird in the hand is worth two in the bush
     
  6. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    If you're not convinced the BW loan is best for you - and if it's an IP and you wish to invest further, I can guarantee its not - see a broker and get yourself the best product. Getting multiple approvals 'just in case' is not a wise course of action.
     
  7. Superbird

    Superbird Member

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    It's mainly because I applied during the period of recent rate rises. I had two pre approvals. .one from BW and other from BOQ.

    Went with BW as have IP and equity release for PPOR purchase.

    However BW IP rate not as good as BOQs so thinking to go to them. My settlement not till late Jan.

    Otherwise should I do the deal with BW as have the unconditional and think about the refinance later?

    To Rolf...why is this situation "scary"?
     
  8. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    [QUOTE="Superbird, post:

    To Rolf...why is this situation "scary"?[/QUOTE]
    Because neither lender is particularly good for investors, most likely.
     
  9. Superbird

    Superbird Member

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    Agreed. However at this stage only have PPOR and 1 IP.
     
  10. Fay

    Fay New Member

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    Hi Superbird, I am wondering how you went with having two approvals. We have landed up with two unconditional approvals CBA and Westpac and I am wondering when I can tell one I don't want to go ahead. Is it best to get the mortgage papers to see which one we prefer I.e. rates and charges or can I not pull out at that stage? I believe If we haven't yet signed anything the ball is in our court. Be interested to see how you went with that.