Surfers Paradise Blog

Many astute investors will keep up to date on the property market in some way or another at least once a week.  This could involve watching, researching or reading property news, as well as, regularly monitoring properties that are listed for sale, sold or for rent.

We will often look through real estate listings to see what is available, to compare properties and to see what the market is doing.

And then, out of nowhere you spot a property of interest.  It may be your dream home, an investment bargain, the ideal location or simply a property that you have been looking for, for ages.  You get excited, you want it, you call the agent to inspect the property… you sign the contract and start negotiating, to find out the property seller/owner went with another buyer. Why?... it could be for many reasons that are out of your control, but don’t let it be for a reason that you could have controlled.

If you are thinking about buying a property, get ready and prepared now.

• Check out your credit rating score online, which can impact loan approvals.
• Take the time to find out what supporting documentation you need to submit with your loan application and make sure you have current copies.
• Approach a finance broker (who can often provide greater loan options than just one bank) to request a loan pre-approval. During the pre-approval application process the broker will advise you on your loan options:

1. How much you can borrow?
2. How much deposit you will need?
3. What additional costs and expenses will be involved?
4. What you potentially may need to do, prior to being able to purchase a property, giving you time to prepare.

A loan pre-approval is usually valid for 90 days.  However, if you have submitted a detailed application with supporting documents, most brokers/lenders will extend this quite easily with updated pay slips and other income documents.

Get ahead of the game… don’t be disappointed. Find out now how much you can borrow, as it will cost you nothing, but your time and then you will be ready and more confident to buy your next property of interest.