If I Could Say One Thing – Carolina Munoz
“It’s not to exchange a contract to buy a property without having your loan approval locked in.”
In the past few years, I’ve noticed that the banks are taking longer to approve loans and, on some occasions, not giving approval at all. Potential purchasers run the risk of being sued for breach of contract if they can’t get finance before settlement and suffer undue stress when finance is not finalised before a crucial deadline such as the expiry of the cooling-off period. At the very least, lock in your pre-approval so that you can go into the negotiations with certainty and peace of mind.
