Where are we in the process?

Discussion in 'The Buying & Selling Process' started by 10001, 31st Jul, 2020.

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  1. 10001

    10001 Member

    Joined:
    3rd Jul, 2020
    Posts:
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    Location:
    Tasmania
    Hello again all

    this forum has been a great source during our adventures buying a home

    I’m just trying to figure out where we’re at?

    here’s what’s happened:
    • We found a house we wanted
    • We put it an offer conditional on finance
    • We applied with CBA
    • CBA assessed our income etc
    • The loan got “Conditionally Approved“
    • CBA ordered a valuation on the house
    • The valuation came back and was acceptable to CBA
    • CBA sent an email to our solicitor saying docs coming but consider this “unconditional approval”
    • We got asked to come to the bank on Tuesday to sign documents
    • We signed a bunch of docs at CBA:
    • One said “Here are the documents for your new home loan. Congratulations — we're delighted to let you know we've approved your home loan application!”
    • We also got a “Credit Assessment Summary” and “Consumer Credit Contract Schedule”, Mortgage Docs, Home Loan Compassionate Care docs and a few other things
    • The NetBank home loan application tracker still says “we’re preparing your loan documents”
    • Our solicitor/conveyancer says they’ve sent all the necessary docs to the vendors solicitor and just need CBA to confirm they’re ready to settle
    • nobody has used the terms unconditional approval except for the initial email from the home lending specialist at CBA
    • We paid our deposit to the REA
    Are we done done and just need to wait for settlement?

    it’s a little confusing :)
     
  2. spludgey

    spludgey Well-Known Member

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    Sydney
    That's why you use a good mortgage broker! ;)
    Which state are you in? Is there a cooling off period?
     
  3. 10001

    10001 Member

    Joined:
    3rd Jul, 2020
    Posts:
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    Location:
    Tasmania
    Tasmania.

    Every broker we spoke to in depth (of which there were 7) said they couldn’t help due to self employed + very small house.

    so we went direct to CBA per recommendations on this forum.

    anyone have any ideas where we’re at?
     
  4. Spiralkut

    Spiralkut Well-Known Member

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    Melbourne
    You're done done
     
  5. Morgs

    Morgs Well-Known Member Business Member

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    Sydney NSW
    Almost done... common things that are outstanding at this point:
    1) Mortgage Docs: Those contracts you received, have you signed and returned these to the bank?
    2) Insurance: Have you take out an insurance policy stating CBA as the mortgagee?
    3) Funds for settlement: Are you clear on how much needs to be paid at settlement? Which account is being used for the funds to complete? Are the funds in that account?
     
  6. 10001

    10001 Member

    Joined:
    3rd Jul, 2020
    Posts:
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    Location:
    Tasmania
    hello! Thanks for reply!

    1. Yes, we signed everything at the branch with the CBA “home lending specialist” on Tuesday. He gave us unsigned duplicates on the day.

    2. Yes, done.

    3. Yes, funds are in the CBA account we nominated on the form for funds for settlement and we signed the form authorising CBA to combine our funds with the home loan amount for paying.


    So does this mean we can relax?
     
    Ben20 likes this.
  7. Morgs

    Morgs Well-Known Member Business Member

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    Location:
    Sydney NSW
    99% of the way there - once your solicitor/conveyencer confirms it is all booked & in order then you can relax*

    * by relax this is most likely the fun process of packing moving boxes etc to get ready for the move :)
     
  8. 10001

    10001 Member

    Joined:
    3rd Jul, 2020
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    Location:
    Tasmania
    Hah. Thanks!

    the home loan has now appeared as an empty $0 account in our NetBank. More good signs?
     
  9. JetstreamVic

    JetstreamVic Well-Known Member

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    29th Dec, 2015
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    Location:
    Melbourne
    A possibility, but hopefully not, is that on settlement day the other side isn’t ready and it drags out.

    congrats
     
  10. Bee-mumma

    Bee-mumma Well-Known Member

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    Location:
    Victoria
    Your at the stage you need to insure the property. You will need to do this for the bank to release funds on settlement.
     
  11. frank22

    frank22 Well-Known Member

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    15th Jan, 2019
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    Location:
    Melbourne
    I am planning on selling a property I own that has no mortgage on it (paid off). Is it safe to handover the original title to my conveyancor to make settlement? What should I request as proof from the converyancor that I handed the title . A bit cautious ,I guess ,but it is my first time in selling