Ensuring you're finance ready at auction

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 89: Renovating as a couple: two young investors share their story
Episode 88: Everything you want to know about the short-term rental market revealed
Episode 87: BONUS EPISODE: Former Olympian shares his property development know-how
Episode 86: How a former Olympian found new sport in property development: Ed Fernon's success story
Episode 85: Q&A session with Paul Glossop – more questions answered!
Episode 84: 'How I overcame dodgy builders to manufacture $100k in equity in less than a month'
Episode 83: BONUS EPISODE: Top Aussie broker’s tips for surviving changes to mortgage lending
Episode 82: The investment strategy that could allow this 32-year-old to retire TODAY
Episode 81: BONUS EPISODE: Secrets of the Perth market uncovered: invest now or wait?
Episode 80: Q&A session: SPI answers all your burning questions
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