One of the biggest challenges for home buyers as a result of COVID-19 was the blowout in banks’ turn-around times. While most lenders were previously able to process and approve loans in several days to a couple of weeks, many of their processing times blew out to weeks and weeks – and for some banks, the turnaround time stretched on for months.
Unfortunately for those seeking finance to purchase property, these timeframes and challenges are set to continue. With so many banks’ putting an end to pre-approvals, it’s putting extra pressure on other lenders, who can’t keep up with the demand.
Add the fact that many banks have support staff based in India, in the grips of a harrowing COVID-19 outbreak, and it is causing extra delays for those looking to secure finance for a home purchase.
In order to be successful at securing property in this current market, having your finance approval early is an absolute must. Not only does this allow you to know your borrowing capacity, but it also means that when you find that dream home, you will be in a better position secure it.
As a Buyers Agency, we always ensure that our clients have suitable finance arrangements in place to commence their property search. If you are thinking about buying and are unsure about how to go about sorting your home loan, or are questioning whether your financial arrangements are sufficient for what you are seeking to purchase, reach out to the team at Purple Avenue for a confidential chat.