podcast

Ensuring you're finance ready at auction

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Stephanie Cook - Mortgage Choice

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Investors looking to purchase at auction need to ensure their loan pre-approval is 'worth the paper it's written on'.

The best thing that investors can do before an auction is make sure that they've got a conditional approval that's really solid. Sometimes the pre-approvals you can get through various lenders aren't really worth the paper that they're written on. And you may find that if you think you have a pre-approval, often when push comes to shove, you've found out that you've been successful at the property auction, you may find that pre-approval wasn't as solid as it could've been. And by that I mean the lenders don't always run the applications through their credit system, their credit decisioning system. Sometimes it's purely an automatic decision the computer spits out and that's not solid enough to go to an auction.

 

 

Listen to other instalments of The Smart Property Investment Show:
Episode 53: 6 properties in 2 years: how this investor is achieving his goals
Episode 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
Episode 50: 8 properties by 25: Former housing commission kid reveals how he changed his life and created wealth
Episode 49: How to build a sophisticated multi-property portfolio
Episode 48: ‘From just $2,000 in my pocket to 6 properties’
Episode 47: The SPI Show answers more listener questions: Special episode
Episode 46: 4 properties by 24 – how to build a portfolio without sacrificing fun, travel or food
Episode 45: Special guest Mark Bouris on what really makes property prices rise and when to invest
Episode 44: ‘11 properties by 31, now I’m stuck: What’s next?’
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