Hi, mortgage broker put our home loan application to Westpac on 13 August and we are still waiting for approval and the finance clause finishes this Wednesday. We are very worried and don’t want to lose this home, is there anything we can do?

Hi Maria,

Whilst this is extremely frustrating, unfortunately it isn’t uncommon at the moment. All lenders are being increasing forensic in their review of applications and this is adding anything from 5-15 days to the application process.
Your broker should be able to provide the current status of the application and also request an urgent escalation to have the file assessed.
Failing that, your conveyancer should contact the vendors solicitor and request an extension of the finance clause
I hope it all works out for you
Regards
Scott