We have 'Pre approval'.....What is the process now?

Hello

We have our finance pre approved. We have found a property we are keen on and will put an offer in this week.
1.If it's accepted what do we do then? (besides jump for joy!) what is the process from offer acceptance to moving in? any tips you can give this L plater? How long does it usually the bank to do the next bit? We're going with Maquarie Bank.

Thanks heaps

 

Do you have a broker who can talk you through the next steps and timing?
You have a PPOR already so thought you had done this before Or did you pay cash for that one?

 

State? Have a solicitor on call. Check that your property inspector is free.

 

Simplified version is;

• Broker orders valuation
• you arrange building and pest inspection
• once both of the above are completed and satisfactory, broker arranges formal approval from the lender
• Once Formally Approved, Loan Offer documents are generated and sent to you for completion
• Once returned the loan offer docs are processed
• Lenders solicitor liaises with your solicitor/conveyancer to arrange settlement
• Settlement occurs

 

If NSW, 0.25% deposit on exchange. Don't sign S66W unless you know what you are doing.
To be honest, the best way is to understand the whole process BEFORE you make an offer. And don't get too excited about it.

 

yes good catch.

to the op: nsw contracts usually follow a cooling off period. You get loan approval and inspections done during that time. So make sure your inspector is available and have a back up inspector in mind.

Consider a longer cooling off period as part of the offer if you think you need it.

as you smell like a newbie, the agent will try to get you to sign away as many rights as they can. But remember almost everything is negotiable.

 

You really should not be making offers until you know what the property is worth. Consider using a buyer’s agent for their assessment of market worth. Also they may have suggestions on a better property or area for the same money.

 

Or get a good broker who has RP data access to gauge the property value...
A valuation will be required for the lender to approve the loan in any case.