Top Tips Tuesday - Applying for a home loan in 2021.

Описание: Geoff Tomkins GCT Property WEB: https://gctproperty.com.au/ EMAIL: [email protected] PHONE: 0404 852 781

Welcome to Top Tips Tuesday!

This week’s tip is for those going through a finance application when buying a property.
Many will be aware it is a pretty hectic market out there. I am currently going through a property purchase myself and I wanted to give you some tips on how to speed up the process.
I would recommend as a buyer that you follow up with all the professionals that you use.
Firstly, would be your solicitor – confirm finance dates, settlement dates, deposit, where will it go and how much is it? If you have not heard or you do not know, go back to your solicitor, and ask them to send it to you so you don’t breach the contract. This is very important as if we don’t fulfil our commitments on the contract the seller can cancel the contract and sell to another buyer, probably at a higher price.
Secondly you need to follow up with your finance specialist. If it is getting near the finance due date, don’t leave it until the day that the finance is due, follow up a few days earlier. Email them and ask how things are going and ask the question, “Is there anything else you require from me?” and “What time frame do you expect?”
The banks are very slow in their processing as they are so busy. These delays are quite common, and normally if you explain this to the seller you can quite often request a finance extension. That should be granted as long as you can show it is going through the process and you are moving forward. If you don’t have a formal finance approval on the date required see if you can get a conditional approval, so it shows that you are working towards fulfilling your side of the finance.
Good luck to all those out in the current market, we are seeing property price growth in many locations, see you next Tuesday!