I have a small business but I can’t get a home loan.
Does this sound like you? Well it sure was our family about 12 months ago. My beautiful wife works for
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An Approval in Principle (AIP) is also known as “pre-approval” and it is always subject to a bank valuation on a property. This is to ensure that you don’t over-bid on a property, simply expecting the bank to lend to a buyer regardless of the true value.
In general, a n AIP gives the buyer peace of mind going to an auction that they can purchase a property even though they may not have decided yet on which one.
To get a pre-approval, you will need to supply proof of ID, employment, payslips, bank account details for at least 3 months and various other documents as per the Loan Document Checklist.
An Approval in Principle (AIP) is also known as “pre-approval” and it is always subject to a bank valuation on a property. This is to ensure that you don’t over-bid on a property, simply expecting the bank to lend to a buyer regardless of the true value.
In general, a n AIP gives the buyer peace of mind going to an auction that they can purchase a property even though they may not have decided yet on which one.
To get a pre-approval, you will need to supply proof of ID, employment, payslips, bank account details for at least 3 months and various other documents as per the Loan Document Checklist.
An Approval in Principle (AIP) is also known as “pre-approval” and it is always subject to a bank valuation on a property. This is to ensure that you don’t over-bid on a property, simply expecting the bank to lend to a buyer regardless of the true value.
In general, a n AIP gives the buyer peace of mind going to an auction that they can purchase a property even though they may not have decided yet on which one.
To get a pre-approval, you will need to supply proof of ID, employment, payslips, bank account details for at least 3 months and various other documents as per the Loan Document Checklist.
An Approval in Principle (AIP) is also known as “pre-approval” and it is always subject to a bank valuation on a property. This is to ensure that you don’t over-bid on a property, simply expecting the bank to lend to a buyer regardless of the true value.
In general, a n AIP gives the buyer peace of mind going to an auction that they can purchase a property even though they may not have decided yet on which one.
To get a pre-approval, you will need to supply proof of ID, employment, payslips, bank account details for at least 3 months and various other documents as per the Loan Document Checklist.
Certainty over affordability – you will know exactly what your limits are and you can calculate in advance the monthly repayments.
It saves time – knowing your limits will not only remove doubt over affordability, but will also help eliminate searches in areas and properties that you would otherwise have wasted time viewing.
More bargaining power – knowing your limit will enable you to make better and more forceful bids at auction or negotiating time.
Avoids auction risk – in NSW property auctions, most bidders must sign a waiver of their cooling-off period to be allowed bid by the Vendor. This means that the full 10% deposit is usually at risk if the loan cannot be approved to purchase. Having an AIP in place before bidding can substantially reduce this significant risk and stress.
Certainty over affordability – you will know exactly what your limits are and you can calculate in advance the monthly repayments.
It saves time – knowing your limits will not only remove doubt over affordability, but will also help eliminate searches in areas and properties that you would otherwise have wasted time viewing.
More bargaining power – knowing your limit will enable you to make better and more forceful bids at auction or negotiating time.
Avoids auction risk – in NSW property auctions, most bidders must sign a waiver of their cooling-off period to be allowed bid by the Vendor. This means that the full 10% deposit is usually at risk if the loan cannot be approved to purchase. Having an AIP in place before bidding can substantially reduce this significant risk and stress.
Does this sound like you? Well it sure was our family about 12 months ago. My beautiful wife works for
What is a bridging loan? A bridging loan is a type of short-term financing, typically for the purpose of buying
Pre-Purchase Property Inspection Our good friends at Resicert show you how to ensure peace of mind and avoid any post-purchase
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