off the plan purchase advise
-
- Posts: 50
- Joined: Wed Jun 24, 2009 4:06 pm
off the plan purchase advise
I am buying an off the plan unit that will settle in 2012 (3 yrs), can I get loan approval now?
- Otto Dargan
- Mortgage Specialist
- Posts: 7730
- Joined: Sat Sep 06, 2008 5:55 pm
- Location: Sydney, Australia
- Contact:
Re: off the plan purchase advise
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.