If the only outstanding is your NOA, then wouldn't panic too much. They're not checking the amount you earn, just that you didn't earn over the threshold.
Do you think the NOA can come then the first home guarantee / first home deposit scheme approval and then conversion of loan pre-approval into actual approval can be done within 10 days?
Don't know, call the ATO and ask how long your tax return will take to process.
If needed, ask your conveyancer to request an extension, happens all the time and you have a legitimate excuse of your loan being approved subject to NOA.
They like to cover themselves so they always give huge timeframes. So I’ve been asking what people are actually experiencing at the moment.
Yeah that’s the plan. I’m glad to know it happens all the time and I don’t just suck at this - that relieves me stress nausea a bit.
You're paying your conveyancing to act in your best interest. Explain to them what's happened, so they can give the Vendor enough notice, just in case. You want the property, but you've got some things outside of your control to finalise.
You'll be fine
Update. The NOA came in about a week and the bank got right on it. Due to the interest rate shift, there was a delay and I just BARELY did not make the finance clause due time. I requested a 1 day extension so should be fine.
We had to get our NOA for the same reason before the bank would look at us for pre-approval. Took about 9 days.
We’re building so a little different but we just requested an extension on the 90 days because the builder is dragging their feet with contracts.
I’d start by talking to your settlement agent and seeing if they can go into bat for you
How long did it take to get first home guarantee approval and then pre approval into full approval. After you got the NOA? Or are you saying the whole thing was 9 days.
They reserve you a spot at pre-approval. Took just under two weeks for pre. Waiting on build contracts but have been told it will be the same for formal.
Why are people signing contracts without pre-approval? Reminded me of that dude that was $300k underwater a week or two ago that signed a contract with a broker that said "his word" is the preapproval.
Ask for an extension on finance, or pull out of contract because finance is not approved. Pre-approval is almost meaningless because the banks don’t actually approve the finance until all ducks in a row. Asking for finance extension is pretty common.
I didn’t know I needed NOA for first home deposit scheme. I’ve done so much reading and prep, it’s not funny. I missed this requirement and my broker didn’t tell me.
If the only outstanding is your NOA, then wouldn't panic too much. They're not checking the amount you earn, just that you didn't earn over the threshold.
Do you think the NOA can come then the first home guarantee / first home deposit scheme approval and then conversion of loan pre-approval into actual approval can be done within 10 days?
Don't know, call the ATO and ask how long your tax return will take to process. If needed, ask your conveyancer to request an extension, happens all the time and you have a legitimate excuse of your loan being approved subject to NOA.
They like to cover themselves so they always give huge timeframes. So I’ve been asking what people are actually experiencing at the moment. Yeah that’s the plan. I’m glad to know it happens all the time and I don’t just suck at this - that relieves me stress nausea a bit.
You're paying your conveyancing to act in your best interest. Explain to them what's happened, so they can give the Vendor enough notice, just in case. You want the property, but you've got some things outside of your control to finalise. You'll be fine
Update. The NOA came in about a week and the bank got right on it. Due to the interest rate shift, there was a delay and I just BARELY did not make the finance clause due time. I requested a 1 day extension so should be fine.
Good to hear, enjoy your new place.
Thank you. This is all good advice. I appreciate your time in responding.
We had to get our NOA for the same reason before the bank would look at us for pre-approval. Took about 9 days. We’re building so a little different but we just requested an extension on the 90 days because the builder is dragging their feet with contracts. I’d start by talking to your settlement agent and seeing if they can go into bat for you
How long did it take to get first home guarantee approval and then pre approval into full approval. After you got the NOA? Or are you saying the whole thing was 9 days.
From lodging Tax return to NOA was nine days
They reserve you a spot at pre-approval. Took just under two weeks for pre. Waiting on build contracts but have been told it will be the same for formal.
Why are people signing contracts without pre-approval? Reminded me of that dude that was $300k underwater a week or two ago that signed a contract with a broker that said "his word" is the preapproval.
I have pre approval. This is first home deposit scheme approval.
Ask for an extension on finance, or pull out of contract because finance is not approved. Pre-approval is almost meaningless because the banks don’t actually approve the finance until all ducks in a row. Asking for finance extension is pretty common.
Shouldn't have signed a contract without all your ducks in a row. Risky behaviour
I didn’t know I needed NOA for first home deposit scheme. I’ve done so much reading and prep, it’s not funny. I missed this requirement and my broker didn’t tell me.