What is an offer condition?

When a mortgage lender is willing to offer you a mortgage, they will produce a document called a "Mortgage Offer". This will detail the mortgage you have applied for, such as the amount you are borrowing, the initial interest rate and what your monthly payment will be.

This letter will also include a section for any offer conditions. An offer condition is something that must be complied with in order for the lender to release the mortgage funds.

Do I need to read through the offer conditions?

It is important that you read through the full mortgage offer, including the offer conditions to ensure you are happy with this. If you have any questions about this, speak to your mortgage advisor who will help guide you through it.

When will my offer conditions need to be satisfied by?

Depending on the circumstance, some offer conditions may be required to be satisfied by different points in the process. This will be confirmed in the mortgage offer as to when this condition must be met. If you have any questions, please do reach out to your mortgage advisor.

What is a cooling-off period?

From the date your mortgage offer is issued you have a 10 day "Cooling off" or "Reflection" period in order for you to decide if you are happy with your mortgage offer. This is a good time to read through your offer and raise any questions you may have.

Examples of offer conditions

Some offer conditions are put in place for your conveyancer to respond to. However, here are some examples of offer conditions you may need to comply with:

Renovation- it may be stated in your mortgage offer any works that are required to be completed on the property. It may also provide guidance on what works can be carried out on the property. You can find more information on renovation here.

Coal/Mining reports- dependent on the location of your property, it may be required that a coal/mining report be provided. You can find more information on this here.

Voters roll- another offer condition may be that we require evidence that you have now applied to join the voters roll. You can register to vote here.

If you have any questions about your offer conditions, speak with your mortgage advisor for guidance.