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Section 32 and Unconditional Approval

“Now what is a section 32 this is a contract that’s done up which is put together by the person selling the property, they’ll get a conveyance and put it together, it normally has details of the contracts, it will have history of the property, the title, any caveats that are placed on the property, or any restrictions, and it also have any special conditions, it will also include things like if there’s any strada fees or body corporate fees, so unconditional approval this is the final hurdle for lenders, so this is where they assess the whole application, if you’ve had pre-approval they’ve assessed you for your financial side of things then we’re adding a section 32 a property to the application, they assess the property and it’s acceptable though generally most lenders will send out a valuer to check that the property’s worth what you’re paying for it, and then you are issued with an unconditional approval that’s when the lenders saying we’re happy we’re going to give you this money to buy the property, that’s when they will issue you with a contract, we generally come out and see our clients when the contracts issued, sit down and go through it with them and get it signed up so this makes the process easier.”

Written by

Stephen Bonfield, the Managing Director, previously worked for one of Australia’s major home loan companies as an independent mortgage broker. Steve used this experience to set up his own mortgage broking company - a company that places customer needs at the forefront.

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