ok so just wondering i got told by mortgage broker that figures r good and come in see them about approval. now if all goes well and so on, how long till i would look at paying the new debt. I rent atm so trying to work out how fast this will happen.
is it days, weeks months. what is average time frame.
ok so just wondering i got told by mortgage broker that figures r good and come in see them about approval. now if all goes well and so on, how long till i would look at paying the new debt. I rent atm so trying to work out how fast this will happen.
is it days, weeks months. what is average time frame.
Well, it depends on a few things. In NSW a 6 week settlement period is typical / the norm. That means that from the time you have an offer accepted on a property and exchange contracts (this includes paying a 10% percent deposit), it is usually 6 weeks until you "complete" the sale - which entails paying the rest of the money (your mortgage starts), transfer of legal title etc etc. You can't move in until you have completed / settled.
It is possible to negotiate a shorter or longer settlement period - and depending on the sellers situation offering either may give you more bargaining power.
For Aussie property bears, "denial", is not just a long river in North Africa.....
ok so just wondering i got told by mortgage broker that figures r good and come in see them about approval. now if all goes well and so on, how long till i would look at paying the new debt. I rent atm so trying to work out how fast this will happen.
is it days, weeks months. what is average time frame.
It depends...
If you're feeling bearish, you get your approval and wait 6 months to 20 years for a price crash. Then you make an offer for a house and eventually agree to a price and to contract terms with a seller. Part of the terms will be the settlement period, which is normally about 28 days from the day of signing the contract. You would have started paying paying interest on your mortgage at that time, but because you waited for the crash while saving you are cashed up and purchase outright.
If you're feeling bullish, you make an offer for a house and eventually agree to a price and to contract terms with a seller. Part of the terms will be the settlement period, which is normally about 28 days from the day of signing the contract. On the day of settlement your mortgage starts and interest starts accruing. Your first payment will be 1 month from then. You will have to pay the mortgage for about 10 years, unless you decide to upgrade to a mansion. If you upgrade to a mansion that will extend your mortgage payments by another 10 years from the date of the settlement of the mansion purchase.
my situation is i have been looking for tta right place for a long time. saving away and this little cottage came up. but it came up 3 days after i signed a 6 month lease here. now wondering if i will miss this house. because i cant get out of my lease and i cant afford to pay the least out. i want the house but not sure how i will go about getting it if i have around 4 months i have to stay here for, i can afford maybe 2 months of the lease with repayments
ok so just wondering i got told by mortgage broker that figures r good and come in see them about approval. now if all goes well and so on, how long till i would look at paying the new debt. I rent atm so trying to work out how fast this will happen.
is it days, weeks months. what is average time frame.
Last time I did this, the time from signing the contract to the first mortgage payment was 66 days. That was with a 30-day settlement period. This could be longer of your settlement period is longer (a good idea if you have to get finance) and it could be a bit shorter, since some banks set mortgage payments on the same day each month. Good question to ask the loan provider, actually.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
my situation is i have been looking for tta right place for a long time. saving away and this little cottage came up. but it came up 3 days after i signed a 6 month lease here. now wondering if i will miss this house. because i cant get out of my lease and i cant afford to pay the least out. i want the house but not sure how i will go about getting it if i have around 4 months i have to stay here for, i can afford maybe 2 months of the lease with repayments
It's a buyers market - ask for a six month contract.
You never know until you ask.
added - you can specify a date for settlement that suits your lease term, but might I suggest that you don't leave it until the very last day to milk the max out of your lease. I've seen people do that and if somethings causes a delay it all hits the fan. Try for a date that leaves a few days up your sleeve.
my situation is i have been looking for tta right place for a long time. saving away and this little cottage came up. but it came up 3 days after i signed a 6 month lease here. now wondering if i will miss this house. because i cant get out of my lease and i cant afford to pay the least out. i want the house but not sure how i will go about getting it if i have around 4 months i have to stay here for, i can afford maybe 2 months of the lease with repayments
You shouldn't have to pay out the whole lease. Maybe your state is different to Qld, but when people have broken leases on properties I rent out, I have only been entitled to reasonable changeover costs.
Also, when they have broken the lease for a decent reason (like being forced to move due to redundancy/changing jobs or have bought a home), and have been up front about it, I have always waived some or all the lease breakage fee as long as they are prepared to meet me halfway and give me access to the property to do some upgrade work that needs doing (like painting or carpets) and let prospective tenants view the joint. That way we both win because I can move someone straight in after they move out and they save some money at a time when money is tight.
Of course your landlord might differ. You have nothing to lose by being upfront and giving maximum notice, though.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
thanks all for your reply its put stuff in to prospective for me.
Sad news the house of my dreams is under offer and not by me. I can only hope it will fall through but i highly doubt it will, its a lovely little cottage i fell in love with right away even though it had a bathroom not attached to the house.
thanks all for your reply its put stuff in to prospective for me.
Sad news the house of my dreams is under offer and not by me. I can only hope it will fall through but i highly doubt it will, its a lovely little cottage i fell in love with right away even though it had a bathroom not attached to the house.
Don't worry, something even better will turn up.
Any expressed market opinion is my own and is not to be taken as financial advice
thanks all for your reply its put stuff in to prospective for me.
Sad news the house of my dreams is under offer and not by me. I can only hope it will fall through but i highly doubt it will, its a lovely little cottage i fell in love with right away even though it had a bathroom not attached to the house.
Under offer or under contract? Under offer means nothing.
Real Estate agents will often tell you a place is under offer when they know they have no offer the vendor would ever accept on the table to try to hurry you up or increase the price. Right now there are quite a lot of people out there making very lowball offers to see if they can pick up a huge bargain as well.
The truth will set you free. But first, it will piss you off. --Gloria Steinem AREPS™
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