Some factors to consider when buying off the plan

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Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
September 27, 2011 - 12:10 pm
Some obvious stuff but a decent read that some might find useful http://news.domain.com.au/domain/real-estate-news/peace-of-mind-before-you-sign-20110923-1knrc.html
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Derek
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@derek
Join Date: 2004
Post Count: 3,544
September 28, 2011 - 6:58 am
Hi Jamie,
I notice the article didn't really touch on finance issues.
To me OTP finance is one of the greatest 'worries' with OTP and the longer the OTP the more complex it becomes.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
September 28, 2011 - 12:25 pm
Totally agree – I flagged that on another forum.
A lot of people go into OTP purchases without knowing the risks involved in terms of financing the deal.
The first thing those buying OTP should do is speak with a broker/bank about their situation so they can be reasonably confident that they can secure finance upon completion.
That said though, nothing's ever guaranteed. By the time settlement comes around, the borrowers circumstances may change (employment, etc), bank policies could change and the property might be undervalued…..
Things to ponder.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]