CBA Home Loan Process at This Stage

LDrParis on 23/07/2020 - 14:15
Last edited 23/07/2020 - 15:29 by 1 other user

Hey all

Our CBA home loan has switched to displaying its status as “Good news! Your loan is Conditionally Approved.” in NetBank and our contact at the branch says “we’re 95% of the way there, just waiting for the valuation to come back”.

They’ve got all our docs, contract, income info, and have hit our Equifax credit files last week with an enquiry. We obviously have a specific property (and CBA has a copy of the contract with accepted offer etc.)

Does this bode well?

I understand not all “conditional approvals” are created equally, so I’m wondering how many more hurdles we have to get over given the above info about our CBA loan.

I.e. how far along is this, realistically?

Thanks so much!

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Commonwealth Bank

• 

  spackbace on 23/07/2020 - 14:18

  +6

  our contact at the branch

  I.e. how far along is this, realistically?

  You haven't thought of asking them…?

  • 

    DrParis on 23/07/2020 - 14:22

    Just curious as to people’s thoughts who’ve done this before! They’re pretty cryptic at the best of times.

• 

  markh on 23/07/2020 - 14:27

  +1

  I think the answer is in the questions…."just waiting for the valuation to come back"

  Its likely a external company providing the valuation. 48-72 hours at a guess…

  Maybe someone from CBA who frequents Ozb can confirm ?

• 

  psylnser on 23/07/2020 - 18:27

  Just been through this process recently, this points to very positive signs.
  The Bank will organise the valuation with a 3rd party valuer at the earliest possible time.
  Once the valuation is done - they will add it to the loan case to review. So consider this a good sign.
  Basically they need to make sure they aren’t loaning too much for the property.

  • 

    DrParis on 23/07/2020 - 18:39

    Is the valuation possibly the only step (or “condition”) left, then? They’ve had all our payslips/tax returns/proof savings for two weeks now, and hit our Equifax credit file last week with an enquiry.

    Thanks for your insight :)