Dan and Philippa found an apartment they wished to purchase.  They thought that their bank would lend them money to buy any type of property as they had been pre-approved for finance.  However when they advised their bank that they had signed an agreement to purchase a unit titled apartment the bank informed them that prior to granting them finance they needed to see copies of the Body Corporate insurance details.

Fortunately they had included a finance condition in their Agreement for Sale and Purchase before they signed which meant they would only confirm finance if the Body Corporate insurance was sufficient to meet the bank’s criteria.

It is becoming more common for banks to request copies of insurance certificates for unit titled apartments prior to approving finance for potential purchasers.  Historically insurance information was not provided until closer to settlement, so check with your bank right at the outset to check if they require a copy of insurance prior to confirming any finance condition in your Agreement for Sale and Purchase.