buying off plan - how soon before settlement?

[danielt]

hi, how soon prior to expected settlement for a residential property off the plan will a lender agree to lend you the money?

generally are there any extra fees for off the plan purchase mortgages?

thanks

 

[Terry_w]

hi, how soon prior to expected settlement for a residential property off the plan will a lender agree to lend you the money?

generally are there any extra fees for off the plan purchase mortgages?

thanks

once title is issued.
Approvals generally only last 3 months, but most contracts require settlement within 14 days of the sub-division being registered - which is way too short so make it at least 4 weeks.

No extra fees usually.

 

[The Y-man]

hi, how soon prior to expected settlement for a residential property off the plan will a lender agree to lend you the money?

generally are there any extra fees for off the plan purchase mortgages?

thanks

Pretty much when it is complete.....which is a serious pain because you'll often hae only a few weeks to organise it! No extra fees tho....

The Y-man

 

[Aaron_C]

Just make sure that you keep tabs on how the building is going so you can start to organise valuations/finance before the titles and occupancy certificates are issued.

 

[Corey Batt]

No extra fee's but when the property is nearing completion, have your banker/broker start the finance process to allow time for the standard finance conditions to be approved. Once occupancy is granted the loan can be finalised.