Which mortgage option?

I think you would be up for valuation fees and legal fees of firstmac.

 

What's the reason you would want an unconditional finance approval from two lenders at the same time? Their offers are not going to change between pre-approval and unconditional approval so I would just get the unconditional from one of them as there no benefit doing otherwise and would leave you with two credit hits on your credit file.

 

I can't speak for the specifics in your situation but I'm not having any challenges with valuations for purchases at present (refinances are another story). Unless you're paying massive overs for the property or there is something specific around it (not through a REA, development site, etc) I'm not sure I'd be too concerned.

You'l probably fine the equiries will already be on your credit file, that will probably be a question from whichever lender you choose to proceed with as to what the other query is.

 

You wouldve signed a credit card panel on the Firstmac app form allowing them to charge you if you back out of the approval.

 

I'll just be a little cautious as some valuation may be lower than the purchase price. If that ever happens, at least I have a plan B to go with. Also I'm keen to see what offer will be better once they approve everything so I can have a choice.
I'm pretty new to the game so my thought can be wrong. But I don't mind because I'm learning from it.

Thank you Morgs. That sounds good to me. I'm looking into Metropolitan areas so it wouldn't be too much of an issue it seems.

I guess this would happen after I've provided all documents requested from them and they start a loan approval process (correct me if I'm wrong).

Speaking of Firstmac, has anyone used them before? Although they have some downsides as not having ATM or branches, their deal is pretty appealing compared to the bank.
I tried having a look online for some reviews but most of them are a bit outdated from 4 or 5 years ago. Would love to hear some recent experience.

Cheers,

 

The offer won't change between now and formal approval.
There's also a high chance the different lenders will end up using the same valuation firm to complete the val on the property. If one valuation comes in lower than purchase price there's a good chance the next one will too.
Stick with the one lender and one offer,there's really no benefit doing otherwise.