Many home owners and investors are seeking apartments for their next purchase. A lot of buyers leave it to the last minute to obtain finance approval or sometimes they don’t get the finance. The rate of unsuccessful loans is around 10% in this market.
Certainly apprehension of what ones end position will be over 2 years that a standard off the plan build will take is understandable. Purchasers must do their homework and know what their responsibilities are from signing contract to settlement. A buyer must know their borrowing capacity and what it will be on settlement. Looking at rate rises and interest rates in general. There are variables eg a buyers borrowing capacity may change from when the contract was signed. Changes in a purchasers circumstances such as losing a job or health issues can be a reason for the settlement to fall through. Purchasers should consult with a trusted mortgage broker if problems arise so they can look at the outcome of their settlement. Some of their settlement problems can be prevented. When buying off the plan seek the advice of an off the plan specialist mortgage broker.
We have apartments for sale off the plan in Melbourne and Brisbane and have investment evenings. Should you be interested please call our office to register or should you like any other real estate advice please contact our experienced, licensed agents and they would be pleased to be of service.