September 02, 2013
Sydney's property market finally seems to be hot! It's been a number of years since I've seen this heat in the market but it's hear in force.
If you're ready to buy a property, you truly need to be ready for this. Once you find your dream house you'll need to make a good offer, quickly. If you don't buy the property there will be another 5 people waiting to buy it.
What does this mean for you? It means you need to have your ducks in a row before you go shopping. You need to know your numbers, know what you can afford each week/fortnight/month and most importantly you need to know what the lenders will lend you.
You need a pre-approval.
I've mentioned this before but it's so important, never more so in a hot property market.
Finding a house can be great fun and there's no denying it's one of the most exciting things you'll ever do. However what you haven't been told is that there is a week in there which is shear anxiety - the cooling off period. This is where you have a paid a nominal deposit of 0.25% of the property value (in NSW at least) and signed the Contract. You can change your mind with (usually) 5 business days and pull out of the contract but you will lose this 0.25%pa deposit. What you need now is FULL loan approval and fast. You really want it before you pay your full 5% or 10% deposit.
Sitting around waiting for a lender at this time will be excruciating. You want your approval now! If you have a pre-approval in place at least 99% of the work has already been done - you know the lender is happy with your application subject to only, say, a valuation. This is a much better position to be in.
Please feel free to call myself or my team on 02 9525 4544 to discuss your pre-approval now. A pre-approval will not cost you anything and does not obligate you - you have everything gain and nothing to lose.
Good luck with the house hunting!