Townsville region is primed for a housing recovery

Despite the state of the world we currently live in, there are plenty of buyers in the marketplace that understand the good opportunity that Townsville provides.

After more than a decade of subdued activity, our region is primed for recovery and I believe we'll be coming out of the gates strongly as restrictions start to ease and the worldwide situation continues to improve.

Put simply, it's an opportune time to buy your next home or investment property.

Yet if you're in the market to buy, it's important to have your finances in order.

Why? Chiefly because those buyers needing a longer time to get their finance approved are missing out on homes they love to others with shorter finance terms.

This is largely (and understandably) due to banking business practices being modified and overloaded.

However, in most instances, it comes down to preparation.

So, what does preparation look like?  In all markets (but especially in the current one), financial preparation is about understanding your overall fiscal position.

A lack of understanding and preparedness will prove costly if information is incomplete or missing, and at times finance applications fail on what seems like a trivial item.  Unfortunately, I see this happen all the time.  Once you've made the decision to buy, the next step is to contact your bank or finance broker and spend time preparing to make an offer.

Make it clear that you're serious and request that you begin the application process prior to finding the right home, so they can request all relevant information from you, scrupulously assess it, request more details if necessary and give you the best possible advice on what your budget and lending capacity should be.

In taking these steps, you'll not only be well-informed before you begin to browse the marketplace, but you'll also have much of the preparation work completed prior to sending your bank or mortgage broker contract documents.

And by doing this, you may also find that you're in an advantageous position when making offers.

You are more likely to beat the competion for the home you love, either because you can achieve a shorter finance term or because you're informed and confident to make an offer when you find the right home.



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