Your application will be assessed again, and the bank will carry out a valuation of the property (usually one-two business days from when they have access to the property).
The bank will usually value the property at the purchase price, although occasionally they’ll come back with a value lower than what you’re paying. This is in your best interest to make sure you’re not unknowingly overpaying.
If the bank values it less, but you love the property and have the extra funds to cover the difference, you may still be able to buy it. Otherwise, your loan will be declined. Your Home Finance Manager or Broker can help you with your options.
You’ll be kept up to date on the progress of your application by your lending specialist. You can even track the application yourself in real time.