Hi Everyone i thought to get some help from this knowledgeable forum.
I just have a look at a property that i am interested in. My financial situation is ok, however i have not done the pre-approval with the lender yet as this was quite unexpected. I was wondering if there is any way to do this buying time until this week to get the mortgage approval. ThanksMake an offer with (ideally 14-21 day) finance clause which will give you time to seek finance and hopefully gain approval.
You would never get full unconditional approval without a contract of sale – a pre-approval just helps knowing that the lender *might* give you finance but it’s never 100% certain until all their boxes have been ticked.
Kinnon Bell | Kinetic Funding
http://www.kineticfunding.com.au
Email Me | Phone MeMortgage & Personal Loan Broker based in Cairns and Melbourne but servicing clients Australia wide.
I suggest you contact your broker and still go for a pre-approval asap.
Even if you miss this property, there will be plenty of others available which will suit you well, I’m sure.Otherwise, if you want to go ahead with a contract of sale, make sure you put it conditional to Finance Approval (otherwise, it’s a big risk for you…)
We rarely suggest pre-approvals as necessary or beneficial to the client, except in specific cases. In the industry they are known as sales tools more than a protection to the client – quite a few were voided across a number of lenders with the recent changes in lending rules.
Are you offering subject to finance? Get your broker/an investment savvy broker if you haven’t already to review your financial situation to ensure there isn’t any obvious issues and take it from there.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
Email Me | Phone MeInvestment Focused Finance Strategist - servicing Australia-wide
You don’t need a preapproval – just make sure your offer is subject to finance.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Thank you all
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