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If you’re planning to purchase property, you need to talk to us sooner than you think you do

It’s human nature to put things off until the last minute, especially if it involves some effort on your part. However, if you want to buy a property sometime this year, please make sure you talk to us sooner rather than later.

There are some particular reasons for this –not only for the sake of your own stress levels! – which we outline here.

 

Lenders are taking longer to assess applications

COVID-19 has caused wide-spread processing delays across a whole host of lenders – with one lender currently taking over 20 days to even cast their eyes over a new application.

Of course, we’ll help you select a lender that can accommodate your required timeframes (as well as all your other requirements), but you need to keep these widespread processing delays in mind, when deciding whether it’s too early to speak to us. (Hint: It’s never too early!)

Something else to note: it’s not just the lenders assessing your application that are taking longer to do things. Some clients have experienced delays when requesting Superannuation Statements and Credit Card closure letters for example – which can then hold up the assessment of their loan application.

 

Lenders have made changes to internal operations

Not only have lenders been slower to assess applications in general, but there have also been changes to the way applications are assessed. Things like: lender policy changes (to accommodate implications of COVID-19); upskilling of new staff (to assist with the reduction in capacity of offshore processing teams); as well as outsourcing of specific functions (i.e. preparation and/or certification of loan contracts) has led to all sorts of added complications for lenders.

In some cases it has created additional hoops for borrowers to jump through. And whilst we’re completely across the ever changing requirements (and have become very good at convincing the lender their 11th hour request is unreasonable and therefore not required) – it’s something else to keep in mind.

 

There are more buyers than sellers

Whether it’s because we’re all sick of our own homes, or #isolife has made us more decisive, we’ve noticed that buyers are acting much more quickly than previously. In order to compete with these equally-as-motivated buyers, you need to be ready to go.

This means you need to start thinking about finance options early. Know which lender (and loan, and loan structure) is going to suit you. Talk to us sooner rather than later to get your pre-approval in place.

 

Stress doesn’t bode well for sound decisions

We all know that when we’re feeling stressed or anxious, it can be hard to make the right decisions. In such times, it’s easy to miss a critical step (or do something unwise like exchange on a private treaty purchase without Unconditional Finance). There’s no reason to put yourself under additional pressure or take on unnecessary financial risk.

We’re here to help – you just need to take the first step and reach out to us.

Leave your contact details here and we’ll be in touch shortly.

 

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