If in New South Wales, call (02) 80058331 (mention this website for 10% discount on conveyancing or probate in New South Wales).
Whenever you are purchasing a house whether it is for the first time or anytime after that, it will almost certainly involve finance. This is because the cost of property is nearly always far in excess of average income in the western world. In fact, in some states of Australia, it is compulsory to have finance approval before you exchange on a contract and getting finance approval is dependent on proving that you have a certain income and level of expenses. This is a protection to ensure that people do not enter into a contract before they can prove that they have the ability to pay the debt that they are signing up for. If they are unable to do this, they will not be able to get a certificate of finance approval and sign to exchange contracts. Obviously a mortgage is a big commitment to sign up to and it is not something that you should go into lightly. There is also an enormous diversity of home loan products available which means that the market is not only large but also very complicated.
If you need help finding a home loan there are a number of comparison sites avaialble which do this very effectively and can enable you to find a loan which is suitable for you. Finding finance is one of the most important aspects of the conveyancing process because obviously, if you cannot obtain finance, you cannot pay for the property. Also, many people do not realise that if you put a deposit on a property down and exchange contracts, you can lose the deposit if you are unable to find finance before settlement because a notice to complete will be issued. This can mean that on a average property in Sydney, $50,000.00 could go down the drain simply because finance was not arranged. For this reason it is necessary to have a professional assist you with the conveyancing process. If you would like to enquire, post your contact details to us, or ask a question by putting it in the box below and often our lawyers are availalbe to chat online.