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.

The wording of these ‘subject to finance’ clauses can vary so it’s best to confirm with your conveyancer what it exactly means for your property purchase.

Most banks and financial institutions have loan calculators that make the task of determining the amount you can afford to borrow much easier.

Westpac Loan Calculator

NAB Loan Calculator

ANZ Loan Calculator

Commonwealth Bank Loan Calculator

Different loan options should be compared including the fees and charges with respect to different loans.

Moneysmart, an Australian Government site, contains general information about getting a loan.


Some other things to consider before you begin putting in offers:

  • It’s good practice when house hunting to have preapproval in place for your finance, this can assist through the finance process. This includes when buying at an auction.
  • If you need to obtain finance for a private treaty purchase then make sure a realistic date is included in the finance approval special condition.

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