FINANCE

 

In this fast moving market it is wise to ensure you have your finance pre-approved prior to beginning your search for property. It may be tempting to view properties prior to visiting your bank or mortgage broker, but without a pre-approval you will need to consider placing a 'subject to finance' clause in your sales and purchase agreement. This of course is fine, unless you are in a multi offer situation whereby having conditions in an offer can make an offer less attractive to a vendor versus a condition free offer.

 

A finance pre-approval should be a relatively simple process and often only take 12 - 24 hours (unless you are self employed) after you have provided evidence of your income and completed the application form. For self-employed people, it is preferable that you have been in business for more than 2 years and are able to provide financial statements.