7.5 Conditional Approval and Acceptance Advice
An Acceptance Advice is issued after Genworth has fully assessed and approved a proposal. A conditional approval or indicative approval advice may be issued after assessment subject to satisfactory valuation only.
| Document | Approval Duration |
| Acceptance Advices | 180 days |
| Conditional Approvals | 90 days |
7.5.1 Expired Acceptance Advices
Expired Acceptance Advices where the loan has not yet been advanced require a full re-verification of submission information inclusive of income, employment, funds to complete, account conduct and credit bureau history. Genworth will require the following information for re-assessment:
Where the loan has not been advanced.
| Document | Where to obtain this |
| Copy of original submission (including LMI proposal form, loan application and valuation) | Your records |
| Updated income and employment verified either through obtaining the most recent payslip or by phoning the employer. If employment has changed, standard verification procedure applies as per section 6 Documentation of this document | From the borrower |
| Updated Assets and Liability statement | From the borrower |
| Updated Serviceability Calculator | Your records |
| Updated Valuation Report | From acceptable valuer |
| Updated Credit Bureau report | Genworth will obtain |
| Other supporting documents as applicable (eg refinance statements) | Your records |
For expired Acceptance Advices where the loan has already been advanced, Genworth may consider accepting the premium. Each proposal must be referred to the relevant Relationship Manager for approval. The following information will be required:
Where the loan has already been advanced, but the LMI premium has not been paid.
| Document | Where to obtain this |
| Re-lodgement LMI proposal form for expired acceptance advice | Your local Genworth Relationship Manager |
| Copy of loan statement from drawdown showing satisfactory repayment conduct. | Your records |
| Updated income and employment verified either through obtaining the most recent payslip or by phoning the employer. If employment has changed, standard verification procedure applies as per section 6 Documentation of this document | From the borrower |
| Updated Assets and Liability statement | From the borrower |
| Updated Serviceability Calculator | Your records |
| Updated Valuation Report | From acceptable valuer |
| Updated Credit Bureau report | Your records |
Note: Any loans with arrears history will not be accepted for reinstatement.
7.5.2 Expired Conditional Approval Advices
Any Conditional Approval Advice that does not convert into a full approval within the 90 day time frame will expire. No reinstatement is available. If cover is still required the proposal will need to be resubmitted to Genworth for re-assessment in the normal fashion.
Note: All borrower/guarantor information must be re-verified in order for Genworth to re-assess the proposal.