You will need to satisfy your finance clause and go unconditional on your contract at the front end of the process (normally 21 days from the date of contract) but chances are you will not have unconditional finance approval from your bank until the end part of the construction timeline.
Unconditional Without Unconditional Finance.
Changes to your financial situation will change your borrowing capacity. You need to ensure that any changes you are contemplating will not disqualify your ability to secure the settlement funds required. Don’t quit a job or cut back your spouse’s hours or borrow money to renovate your home etc without first having your broker assess how such a change will impact on your ability to secure the funds required for the new purchase.
If you are currently contracted to buy an off the plan property and you have any doubts whatsoever as to how to any changes a bank’s lending rules may impact on you, I suggest you speak with your broker and have him/her reassess your borrowing capacity.
Should you require finance assistance for your next property purchase then do no hesitate to contact us and we will put you in touch with a professional mortgage broker who can source and setup a loan to suit your needs.
If you would like to speak with one of our preferred brokers do not hesitate to get in contact with us. Send an email to email@example.com stating Mortgage Broker