By Julie Valetic LEA, BSc. Director - Let's Get Real Estate - March 2010
Finance can and often is the deciding factor in enabling the purchase of a property and therefore it is important to understand a bit about the complex financial world that we are living in.
A finance approval for the purchase of a property depends on a number of factors including, but not limited to:
When looking for finance, although options now may be more limited than prior to the GFC, or should I say especially now that options are limited, it is wise to talk to a good finance broker who can help you through the pitfalls and give you the best chance of buying your dream home.
Below are some links to mortgage brokers and some financial information websites that may be of interest.
Sometimes you may find the best rate, but not meet the lending criteria, and have your finance fall through as a result. Other times you may not realise you can qualify for a better rate, and inadvertently you could go along with a more costly product.
Remember to check out the borrowing capacity calculatorsto get a rough idea of what you can borrow, then ensure you firm this up with your broker or lender before you commit to a purchase, perhaps getting a pre-approval as well.