Our offer has been accepted on a new home and we are just waiting on the finance before we exchange. Is there any way the property can be taken off the market so we don’t lose it?

Yes, but its fraught with risk. You can use a Section 66W to waive the right to cooling off - but you would be recommended to do a building and pest AND have your finance approved.

Generally, I see clients be pre-approved to an amount = Conditional Approval and then once the valuation is done and accepted by the lender = Unconditionally Approved. That is the no risk time to take your new home off the market.

PS - I recommend getting insurance on your property at the time you 10% deposit or a deposit bond is paid. I get the insurer to call and there is a 90 day free insurance cover - no obligation.

PPS - Some lenders have a 24 hour turnaround on approvals - so dont wait too long to secure.

Hi Sam M
Yes there is a way to do this.
I would speak to your solicitor or conveyencor first thing and get their advice on the matter.
Once they walk you through the options available and explain the next steps, the solicitor will speak with the vendors and their solicitors to lock in a "subject to finance" arrangement.
If agreed it comes at a much smaller cost than the full deposit and buys you time to get the finance in order, typically 5 days. It formally locks the property into exchange mode and if everything goes well with your finance on the 5th day you pay the balance of your agreed deposit and move forward to settlement. In this "subject to finance" period no other contracts to sell can be entered into.
If finance doesnt work out ....worst case you can walk away and lose the small holding deposit only.
If you are working with a good broker for the finance this is always part of the team approach taken with interacting with the solicitor.
Good luck!!!
Chris

Hi,

See if you can negotiate with the agent to exchange the contract subject to finance approval. Meaning that if you could not get your loan approved, they will refund your deposit. In this case and if you are unfortunate to get approved, you would need to provide them with a decline notice/letter from the bank.

Hope that helps.
Regards

Hi Sam,
Thanks for the reply.

My advice is the same as above - you need to speak immediately with your solicitor on this, typically it is 0.25% of the purchase price to hold "subject to finance"then the full deposit due typically 5 days later being full 10%. But again, your solicitor is on point here and should be giving you this advice on your specific purchase requirements.
Kevin makes some good points above - Other things to get done are pest and build inspections, all the normal recommended searches on the property to totally de- risk the property side of the transaction, purchase insurance to protect your new home in the settlement period etc.

There are plenty of things for you to consider in this purchase, but then post, you need to have a review of your personal insurances and estate planning needs - we have all these people in our offices www.announcer.com.au.
Having a team approach, we find gives our clients peace of mind and we do the hard yards for you.

Let me know if we can have a chat and link in together Sam?

This is just the start of an exciting journey for you guys buying a home....good luck! :)

Cool ....sounds very stressful :)
LinkedIn with me and we can connect and maybe help each other in the future.
You will find me at - Chris Booth, Announcer
Cheers