Conveyancing Finance Approval Help for Buyers

We’ve compiled our conveyancing buyer's information for finance approval but don’t hesitate to contact us today if you’d like a fixed quote for your new conveyancing contract in Queensland. Don't overpay for conveyancing, our dedicated Brisbane based conveyancing solicitors can help you through the conveyancing process without any hidden extra costs.

Conveyancing Finance Approval Help for Buyers

1. Get pre-approval. Have an idea of how much you can borrow before you sign your contract by speaking with your bank manager or mortgage broker and requesting the pre-approval of your finance application before you make an offer on a home. Be aware that even with pre-approval you still need to make your contract subject to finance approval. 
2. Before you sign your contract speak with a conveyancing solicitor to review the contract to ensure that your finance approval condition, dates and the length of the notice period protect your rights and importantly that your contract cannot become unconditional without your knowledge.
3. In the case of any delay for the approval of your finance your Solicitor will need to request a finance extension from the Seller in writing on your behalf. To be sure you do not risk breaching the terms of the contract let your Solicitor know as soon as possible and a letter will be sent to the Seller's Solicitors. If you do not receive an extension you may be legally bound to go ahead with the purchase whereby you may lose your deposit and be sued by the Seller for breach of contract.
4. You may be required by the Seller to provide a letter from your bank if your finance application is refused by the bank. If you don't do this you are at risk of forfeiting your rights to withdraw from the contract and may be forced to settle.
5. If your contract is subject to finance approval you have to act reasonably and make a genuine effort to obtain finance approval.

For more information about finance approval conditions contact River City Conveyancing today on 07 3013 2300 or email your contract to reception@rivercityconveyancing.com.au along with your contact information.