off the plan purchase advise

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off the plan purchase advise

Postby ichigomochi » Wed Jun 24, 2009 4:08 pm

I am buying an off the plan unit that will settle in 2012 (3 yrs), can I get loan approval now?

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Otto Dargan
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Re: off the plan purchase advise

Postby Otto Dargan » Thu Jul 02, 2009 2:50 pm

No you can only get approval within 12 months of the settlement date. Most lenders will only give you approval within 3 months of the settlement date or when the building is complete. Off the plan home loans are therefore riskier than normal loans as the rules for obtaining a loan may change between now and when your settlement occurs.
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