Under the REIWA 2002 standard form contract, 'Finance Approval' as defined in clause 1.7 does not require a binding and enforceable lending agreement between the lender and the buyer. An approval of a finance application that is capable of being accepted by the buyer, and which if accepted would result in a binding agreement, is sufficient. An approval on the lender's usual terms and conditions is deemed to be Finance Approval, and the identification of what constitutes 'usual terms and conditions' is a question of fact. Wheeler J's obiter observation in Sampson v Clifford that there must be an 'enforceable approval' was disapproved.
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