Why Does It Take 6 Weeks to Settle on a House?
When a borrower has completed the home loan application process, received approval on their application, and successfully purchased their home, they may wonder why it takes 6 weeks to settle on a house. It takes 6 weeks to settle on a house because the home seller and buyer are required to undergo an administrative-intensive 6 weeks.
The homebuyer has the opportunity to have their new home professionally inspected during these 6 weeks, having a professional assess the home. The professional will inspect various areas of the home, looking for any issues regarding the home’s electrical systems, plumbing, etc. The lender also receives the opportunity to appraise the new home to ensure they have provided the correct amount of funds to the borrower.
During the administrative-intensive 6 weeks, the required paperwork will be completed and registered with the required governmental agencies. The home seller and homebuyer will then schedule a date for the settlement.
In conclusion, it takes 6 weeks to settle on a house in Australia. When the paperwork has been correctly filed and approved, the homebuyer will then pay the home seller and officially own their new home. The homebuyer’s mortgage lender should maintain contact throughout this process to ensure everything is running smoothly.
If you are interested in learning more about the home loan application, approval, and settlement processes, reach out to professional Mortgage House lending specialists for specialized assistance and advice. We look forward to speaking with you!