It’s been an incredibly challenging market this year when it comes to buying or selling a property. Many haven’t been able to prepare their homes for sale due to restrictions on getting trades or designers in, and just as many haven’t been able to attend auctions or inspections during lengthy lockdowns. If you’re wanting to buy or sell in regional Victoria, the ring of steel has made it even harder!
But things do seem to be easing up. With the weekend’s much-anticipated announcement that Victorian auctions can resume in a limited capacity, and with spring in the air, the property market rush is already gaining momentum.
Add to this the fact that interest rates are at an all-time low; it’s time to pick up where you left off and get ready to go to market...and fast!
Get a Home Loan Pre-Approval
In the past few months, during the peak of this pandemic, we have seen clients experiencing significant delays in their loan application processing time due to offshore teams being forced to shut down, and lenders amending certain policies. With this in mind, we highly recommend obtaining a home loan pre-approval during your house hunting adventure. Think of it as a “fast track” ticket at a theme park that gives you confidence in the market by knowing exactly how much you can borrow.
Home loan pre-approvals last anywhere from 3-6 months, depending on the lender, so why not apply for one and have it ready to go. If you need more information on this, please get in touch with the team from BlueRock Finance.
Consider the Best Settlement Date
Another thing to incorporate into your planning is the property settlement date. The banks are finding it a bit tough right now, and are plagued with delays. We would hate for this to prolong the date you get to move into your dream home. Instead, plan for this by trying to negotiate a longer settlement date. This gives everyone peace of mind and ensures that you will be able to move in on the settlement date. Trust us, it will be worth it in the long run!
A good starting timeframe would be from 60 days of signing the contract. If you’ve saved up every penny to get to this point, paying penalty interest for a delayed settlement wouldn’t be much fun.
How Can BlueRock Help With Your Property Needs?
Everyone knows property hunting can be an emotional roller coaster. Before you sign on the dotted line, reach out to us to have a look at the contract for sale and the vendor’s section 32 to make sure there are no surprises.
But what happens when you actually sign? Be well prepared for your settlement, keep tabs on key dates and stay in touch with your financier regularly.
Once you have obtained finance approval, you have already passed the halfway mark of the purchasing process. The rest is really up to your conveyancer. BlueRock’s property advisors work closely with you and the bank to make sure you can move into your dream house as quickly as possible or sell your property for the best outcomes.
Get in touch with our property experts if you’re in the market to buy or sell.
