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Finance
is terms of a mortgage, it means a lender has given loan approval or provided funds to a borrower.
A mortgage is a type of loan where real estate is used as collateral. A mortgage is used so you don't need to pay the entire amount upfront as well as to finance your home or an investment property.
Learn MoreThe average time for formal approval takes about four to six weeks from submitting the application to your lender, to reaching settlement on the property.
Learn MoreIf finance is not approved at the time the contract is signed, a finance condition must be included in the contract. Without a finance condition a purchaser is at serious risk.
If you exchange contracts without a finance clause and your formal approval falls through, you could lose your deposit and the vendor can sue you for damages.
