Making a “Cash” offer, is it a good idea?
No! Unless you have the total amount in “cash” in savings to cover the purchase price plus costs or you’re 100% certain that you will be approved by any lender. Because there are legal implications if you make a “Cash” offer for a property and fail to obtain your preferred finance within the terms of the “Offer and Acceptance” contract. For many reasons you may be unable to obtain finance from your preferred lender, and as a consequence you could be forced into an unacceptable position which, at the very least, could cost you your deposit (generally 10% of your “offer price”) which you have signed for with the Estate Agent. Or you could be stuck with a loan at higher rates and charges than would otherwise be the case. The better option, is to check-out our loan calculator page and if you meet the criteria, then proceed to make the “Offer” with a condition that “your offer is subject to finance through Housing Loans Australia”. That way you will be assured of getting the right loan from
