"so - if the bank wants to pull the pin at the last minute - they have to have on their application - approval means that we approve the loan - unless we change our minds. - simple"
That's pretty much what they say in their loan contracts. Approvals can be withdrawn at any time before settlement.
I got a loan approved for a client in early December. There has been a title delay with a land release and my client got told he was being made redundant the week before Xmas. The bank has withdrawn their approval. He has picked up a new full time gig the following week. Luckily I know that CBA do not have a policy like other banks on minimum time in employment or probation periods. So he is good to go with CBA.
Sometimes circumstances change which are beyond the banks or the applicants control.
