Can 2 home loans be lodged at the same time ?

Discussion in 'Loans & Mortgage Brokers' started by H2O, 21st Feb, 2021.

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  1. H2O

    H2O Active Member

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    G'day Folks

    So I am in the market to buy an investment property in Perth with Max. Budget of 450k. (Looking for 90% LVR IO loan)

    As you probably are aware that Perth market has picked up like crazy and all the good ones are getting snapped within days.

    My current situation is that I have got 1 investment property already, the other one (PPOR) is being built - the land been settled and the construction loan is about to get approved ( in about 2 weeks as per bank's relationship manager). The builder already have mobilized and cleared my lot as he was already building one next to it.

    Now should I wait for construction loan to be approved or start applying for new pre-approval to put offers in ?

    The 2 out of 3 houses I short listed are under contract with the remaining one having an Open day next Wednesday....*fingers crossed.

    Cheers
     
    H2O, 21st Feb, 2021
    #1
  2. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    whats your broker say ?

    We have zip idea of your personal circumstances.

    Why do u need a pre app for another purchase ?

    ta
    rolf
     
    Rolf Latham, 21st Feb, 2021
    #2
  3. H2O

    H2O Active Member

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    I do not have a broker yet and now I am thinking to get one onboard.

    I got lucky (maybe not) by directly being introduced to a bank's relationship manager. He was nice enough to answer my queries and offer a competitive product.

    Based on the process, I always thought you need to have a pre-approval done before you make an offer. (with Subject to finance clause)
     
    H2O, 21st Feb, 2021
    #3
  4. Trainee

    Trainee Well-Known Member

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    The bank relationship manager offered a competitive product....out of their bank’s suite of products. competitive on what basis? How do you know what else is out there? Do you know what you want?
     
    Trainee, 21st Feb, 2021
    #4
  5. H2O

    H2O Active Member

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    Like I said, I was introduced by a colleague who owns several investment properties.

    I did the comparison via online available resource like canstar etc and discussed with a few friends and was happy to proceed.

    I was not aware of PC back then :)

    You are right that he could only offer what the bank offered but put in some additional lifetime discount on top of it.

    At the moment, I just want to know if I can apply for a pre approval whilst my construction loan is about to be approved.
     
    H2O, 21st Feb, 2021
    #5
  6. H2O

    H2O Active Member

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    I have been reading on PC and will contact brokers tomorrow morning to discuss.

    Needless to say, I am quite new to this and have lots to learn
     
    H2O, 21st Feb, 2021
    #6
  7. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    One of the challenges with NO Client Best Interest Duty at banks and lenders per se.

    ta
    rolf
     
    Rolf Latham, 23rd Feb, 2021
    #7
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