I applied for a home loan with St George and they came back with following conditions in pre-approval letter. Are they standard conditions?
In relation to point 3, my deposit is less than 20% so LMI would apply. Anyone knows who St George Bank uses for LMI insurance and would there be a separate credit check for LMI at the time of unconditional approval?
In relation to point 5, I already provided them information/documents for previous enquiries during pre-approval process. Would they be conducting fresh credit check at the time of unconditional approval?
1) Satisfactory validation of your financial circumstances that you have told us, and that they have not changed.
2) Each applicant's ability to provide the Bank with further information, if necessary.
3) Lender’s Mortgage Insurance approval, if required.
4) Satisfactory valuation by us/our agent of any proposed security property(s).
5) Our satisfactory clarification of your credit history, including information provided on a credit bureau report we had obtained.
6) Confirmation that your application meets your requirements and objectives.
Many thanks in advance.