What Not to Do After Going Unconditional in Canterbury

Going unconditional on a Canterbury property purchase is legally binding - you are committed to completing this purchase. The period between going unconditional and settlement is not a time to make other financial changes or major life decisions. Here is what to avoid.

Do Not Take on New Debt

Every new credit facility you open or increase between going unconditional and settlement can affect your mortgage approval. Banks re-verify your financial position as part of the final drawdown process - if your total debt has increased materially since your original approval, the bank may decline to advance the funds or reduce the amount they will lend. Do not apply for new credit cards, personal loans, car finance, buy-now-pay-later facilities, or any other form of credit between going unconditional and settlement. This includes upgrading your car on finance - wait until after settlement.

Do Not Change Jobs

Changing employers between going unconditional and settlement - even for a better salary - can complicate your mortgage drawdown significantly. Banks often require a probationary period of three to six months before counting income from a new employer toward lending. If you change jobs after going unconditional, notify your mortgage broker immediately so they can manage the bank relationship and assess whether the change affects your drawdown.

Do Not Drain Your Savings Account

Your bank will verify your deposit funds are still in place before settlement. Making large withdrawals from the account holding your deposit or equity contribution can trigger concerns about the source of your settlement funds. Keep your deposit funds stable and accessible until the day your solicitor needs them.

Do Not Delay Your Due Diligence Completion

While the period after going unconditional is not due diligence time (that is before), do not neglect the practical steps your settlement requires: confirm insurance from unconditional date; brief your bank about the settlement date; engage your solicitor actively; book removalists; and transfer utilities. Leaving these steps until the week of settlement creates unnecessary stress and risk of last-minute complications.

For general information only. Always follow your solicitor's specific guidance between going unconditional and settlement.