Obtaining finance to fund the purchase of a property is an important task.
You should make any contract of sale ‘subject to finance’ i.e. subject to you obtaining approval of a loan from a particular financial institution for a particular amount by a certain date.
If your contract has a ‘subject to finance’ component, it is your responsibility to apply for and gain loan approval. Once this process has been completed you should immediately advise your conveyancer. If this condition of the contract is not satisfied the contract will not proceed.
Most banks and financial institutions have loan calculators that make the task of determining the amount you can afford to borrow much easier. You can use the Westpac Loan Calculator to see what your repayments will be.
Different loan options should be compared including the fees and charges with respect to different loans.
The following government site contains general information about getting a loan.
AICSA Members are your trusted professionals.