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I bought an Australian property off the plan, When should I start arranging my finance?

Buying Australian property prior to commencement of construction is a common approach.A typical build time is approximately 2 years depending on the scale of the project.Under Australian regulations,

Buying Australian property prior to commencement of construction is a common approach.

A typical build time is approximately 2 years depending on the scale of the project.

Under Australian regulations, the developer does not receive progress payments during the construction period, rather he has to wait until completion and then receives the full contract amount.

It is recommended that you look to arrange your finance between 3 and 6 months prior to the settlement date of your property purchase. This allows plenty of time for the loan application process and ensure all required documentation is completed prior to the expected settlement date so that completion occurs on time.

Most Australian property contracts allow for penalties if settlement is delayed by the purchaser, so by being ready in advance you can save yourself the risk of any penalty costs and have a smooth transition to ownership.

Click here for further infomation on Australian Property Finance

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