If you want to get the wisdom before you make a move, you’ve gotta read this.
Please.
Four times this past fortnight, we’ve had (delightful) clients come to us with an offer and acceptance… but… no pre-approval.
This is on top of the twelve or so other purchases we have running plus the refinances etc. etc.
Then, we discover they aren’t prepared.
Passport is out of date.
Deposit hasn’t been moved to Australia yet.
Financials and company tax returns aren’t up to date, not reconciled, not ready yet.
Too short an employment history.
Didn’t understand that stamp duty needed to be paid and don’t have the moolah.
Or this one – twice in two months – a client who went direct to their bank (rookie mistake), a repayment was missed on an existing loan then the existing/incumbent lender came back saying they won’t lend for the new purchase because of this. So, 4-days before the finance is due, I get a call asking for help. And I do help, but the pressure they are under isn’t my problem.
Even if you don’t get what I just said, you will get it wasn’t a good thing, right?
Also, the finance due dates are either too short or the client didn’t pull their finger out promptly upon acceptance of their offer. You must get busy the very next day. It’s a contact with due dates.
The other one we have seen a couple of times recently is the property is put in the wrong name. Did they speak to a conveyancer before they signed and put down a $50k deposit? No.
On top of them not being ready.
Then what happens?
You know what happens, don’t you? Because you get it at your work… or wherever you visit for occasional stressful episodes.
Impatient emails are written.
Frustrated phone calls take place.
Stress levels go up.
Patience is tested.
My staff cry.
Everyone has a bad day. Or worse, a bad week.
I can’t lodge an application without current info.
I can’t do the maths without current, lodged or final tax returns.
Verification of ID (a key compliance and legislative piece all lenders must adhere to) cannot happen.
I’m like you… I don’t like stress, or terse email or phone calls that get a bit warm for no reason.
I’ve got enough greys thank you very much.
Look, I’ve said it before (insert exaggeration) enough times: Get in touch with me early – before you start looking at property – so we can begin to assess you properly.
We’ve recently completed an approval for a chopper captain and his lovely TV producer wife. It took more than 3-months. She needed to get ready, his incentive and allowance plan was like no other, and I have seen hundreds and hundreds. No exaggeration. We got it lodged with the right lender for a proper pre-assessment with a human who actually, like us, pulled the whole thing apart and understood it.
AI-reliant digital lenders are a no-go for these types of situations. You don’t know that. I do. That’s why people pay me to make shit happen. Because we are reliable.
And you know what the best thing is? Everyone is chilled out and happy.
We will get those other deals across the line too. Because that’s our job.
I got to call a client on Friday after 5pm to tell them they had their loan approved. We ran two applications concurrently – because we can and will if required – at no cost.
But please before we have to get extreme, could I ask you a kind favour?
Might you book a call with me early if you are seriously considering buying a property.
You will enjoy the whole process way more. Have way less stress. You won’t fight with your missus, and we don’t want that now, do we? No fingers will be pointed. You will save money, time, hassle, get a better deal.
Please?
Thank you.