Amidst recent changes to banks’ policies and the tightening of lending criteria, it’s more relevant than ever for buyers to put their best foot forward and be finance-ready to buy. With lending policy changes rolled out so far this year seeing applicants having to provide more detailed information and meet more stringent criteria, it’s requires more work to get approval and the process takes longer.
However, astute buyers who diligently do their homework and have finance pre-approved before making an offer are ideally placed to secure their desired home. They also have a firm indication of how much they can spend.
Being in a confident position to make an unconditional offer gives buyers more bargaining power. Vendors too will usually favour an unconditional offer over a conditional one subject to finance, which may well see prepared buyers secure a home they otherwise wouldn’t. Essentially, being finance-ready to buy saves time, stress and potentially disheartening setbacks.
With securing suitable finance a priority in the current climate, using a trusted broker or bank manager is also now more important than ever. A good broker, while keeping abreast of a changing finance industry, can offer an attractive range of loan options, will help you select the one that best suits your circumstances, and can manage the process through to settlement.
At Bell Real Estate, we deal with a number of banks and brokers on a daily basis, and are happy to point anyone shopping for finance in the right direction. At the same time, we’re seeing many buyers step up to the challenge and secure their dream home at an affordable price. We, as always, are here to help.