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 73: Bad builders: how this investor bounced back
Episode 72: Policy changes to interest-only loans: what buyers need to know
Episode 71: How this 'stubborn' investor recognised a property lemon
Episode 70: How this investor complements each property and balances his portfolio
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
Episode 68: Special episode: audience discussion live from the Property Buyer Expo
Episode 67: Don’t get ‘caught up in the now’: an expert reveals his tips for success
Episode 66: Wealth distribution: how should you manage your money?
Episode 65: Real estate agents: what separates the good from the bad?
Episode 64: How this investor learned from a property blunder
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