Clifford Gouldson Lawyers

Warning on delays in gaining finance approval

Print Version

4/12/2018

Our Commercial + Property Team have seen an increase in the time required for our clients to obtain finance approvals.

From our discussions with various banks, we understand this is largely due to the banks implementing a change in procedures, following the APRA Inquiry and Royal Commission.

The new procedures require significantly more information/evidence on various matters (including personal expenditure) to be produced and accordingly, more time is required by the bank to analyse that information.

We take pride in giving our clients practical advice and are currently advising to allow more time in purchase contracts to obtain their finance approvals.

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