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   Chicken :cqlgusu: (lookitmychicken@blorbo.social)'s status on Friday, 08-Mar-2024 13:43:21 JST Chicken :cqlgusu:

   Okay the source of stress has been resolved, I can talk about it now.

   Despite having lending pre-approval to buy an apartment, & being told it would take about a week to get that turned into unconditional approval, it has been:
   - 4 weeks
   - 3 lenders
   - 2 contract extensions
   - 2 loan refusals

   Then today, 40 minutes before the deadline by which I'd have to have my heart broken & walk away from the sale:
   - unconditional approval from the 3rd lender

   • Embed this notice
     Chicken :cqlgusu: (lookitmychicken@blorbo.social)'s status on Friday, 08-Mar-2024 13:46:23 JST Chicken :cqlgusu:

     in reply to

     The surprise has been that it's not anything to do with my ability to service the loan.

     It's about how volatile the CBD apartment market is right now, & how a lot of lenders are skittish about it.

     Normally a 5-10% deposit is enough to get a mortgage. I had a 10% deposit plus enough cash to pay the closing costs.

     & still 2 of the lenders wanted either a 20% deposit or for me to pay additional lump sums up front (lenders mortgage insurance)

   • Embed this notice
     Chicken :cqlgusu: (lookitmychicken@blorbo.social)'s status on Friday, 08-Mar-2024 13:49:43 JST Chicken :cqlgusu:

     in reply to

     So yeah that might go some way to explaining why CBD apartments seem so cheap at the moment.

     Lenders think they're a bad investment, so buyers find it harder to get finance.

     Which means that there are fewer buyers genuinely able to buy the properties. Which then puts downward pressure on prices.

     Anyway I am so fucking relieved that this is sorted.

     And in the meantime, days continue to pass, settlement is on the 26th, and that's less than 3 weeks away omg.

   • Embed this notice
     Chicken :cqlgusu: (lookitmychicken@blorbo.social)'s status on Friday, 08-Mar-2024 13:51:09 JST Chicken :cqlgusu:

     in reply to

     I suppose I can actually start packing, organising movers, all the usual stuff, WOW.

     Have been holding off in case the whole thing fell through & I had to start looking again.

   • Embed this notice
     Xie Lian's Big Naturals (xieliansbignaturals@blorbo.social)'s status on Friday, 08-Mar-2024 13:56:12 JST Xie Lian's Big Naturals

     in reply to

     @lookitmychicken I'm really glad it got figured out!!!

   • Embed this notice
     Chicken :cqlgusu: (lookitmychicken@blorbo.social)'s status on Friday, 08-Mar-2024 14:15:42 JST Chicken :cqlgusu:

     in reply to

     • Matt McLeod

     @mjm yes it is, but it's usually bundled in with the loan repayments & you don't have to pay a lump sum up front.

     BTW the conveyancer you recommended has been so so good & a great source of comfort through the whole experience 🩷

   • Embed this notice
     Matt McLeod (mjm@hachyderm.io)'s status on Friday, 08-Mar-2024 14:15:44 JST Matt McLeod

     in reply to

     @lookitmychicken isn’t LMI usually require for anything less than a 20% deposit? We avoided it by being first-time buyers and using the federal guarantee.