First home buyers – get your loan application done

The first home owners boost ends on the 31 December 2009. Potential first homebuyers who want to take up the First Home Owner Boost offer and have their home loan approved before signing a purchase contract should be very aware that they may have only four weeks to get property finance plans underway.

Why? Lender’s loan processing issues have been exacerbated in recent months, pushing approval turnaround times to anywhere from one day to up to six weeks.

Mortgage Choice senior corporate affairs manager, Kristy Sheppard said, “While processing times will vary between lenders, the next four weeks are crucial for buyers who wish to have their home loan approved before signing a property purchase contract and applying for the grant boost."

"Savvy borrowers wanting such peace of mind and confidence should do their best to have applied for finance by mid November, at least six weeks prior to the First Home Owner Grant boost deadline, to allow adequate time for loan processing and grant application."

"When dealing with a rush to the finish line and heated competition from other mortgage applicants and property buyers, well thought-out decisions are vital. In our experience, consumer awareness and education about the mortgage industry is paramount to help borrowers achieve their goals.”

Source: Mortgage Choice