Obtaining finance can be quite stressful if not handled by a professional.  Even if you have been approved for finance direct with a bank, how do you know you have the best deal? The simple answer is you dont.  Did you know that most agents prefer a buyer to be pre-approved for finance?  Your offer in some cases will be taken much more seriously than a potential buyer who has not been approved.  Call us and we can discuss your options now and even put you in contact with reputable agents.

Below are some very important stages of obtaining finance and what is required to complete a purchase.

 

Usually when you make an offer on a property you will be asked to establish a time frame that will give you adequate time to obtain an unconditional / formal approval.  The most common time frame in QLD is 14-21 days.  The process of getting finance is quite simple, but bear in mind delays can occur.  Placing a subject to finance clause will allow you to get back your deposit if finance is declined.

Once we submit your loan with the necessary supporting documentation, usually we receive an unconditional/formal approval within 7-14 days.  Obviously this depends on the bank and just how busy the bank is at that time, however you will be notified of these delays at the application stage and kept up to date throughout the duration of your loan from lodgement through to settlement.  We will contact you via sms, phone, email or post.

 

Once you sign a contract to purchase a property you should conduct a building and pest inspection within 5-14 days.  This is needed prior to unconditional approval.

 

A conveyance specialist will be required when you sign a contract to purchase your home or investment property.  It is important to have one as they will do certain checks on the property and they can assist you with your mortgage documents.  Focas Finance will work closely with your Conveyance specialists to meet your settlement date.  We highly recommend you use a conveyance specialist and not do your own searches.

 

Please note these are only some of the steps involved in obtaining your finance.  This is why it is important to have a mortgage broker that is a full member of the MFAA with experience in all these stages.  A MFAA member must strictly comply to laws and procedures in the finance industry to remain accredited, so it is highly recommended to request the credentials of your broker.

 

If you require the service of a Building and Pest inspector & Conveyance Specialist please contact our office on (07) 3893 4420