You may also have to pay fees to help cover the costs of maintaining the common body corporate areas. Being a member means you have certain legal and financial duties. Generally speaking, when you buy an apartment or unit, you automatically become a member of the body corporate. It’s the body corporate’s job to maintain these shared areas. This type of property may have shared driveways, parking areas, stairwells, or lifts. We’re talking about things like apartment blocks and groups of units. This is an organisation that’s in charge of managing and maintaining common areas in a multi-dwelling property. It’s the opposite of ‘depreciation’, which is a fall in market value of the property. This is an increase in a property’s market value. To find out more, read our article on Approval in Principle. Generally, presuming that your circumstances don’t change, your pre-approval will last for around three months. There are likely to be other conditions too. For example, Approval in Principle is usually subject to the lender’s own valuation of the property. The lender will only approve the loan if certain conditions are met. It’s important to know that Approval in Principle is not a guarantee that your loan will be fully approved. This is an indication from a lender that they will be willing to lend you a certain amount of money, subject to specified conditions. They’ll help you understand property values, bank jargon, the purchase process, as well as settlement. ANZ First Home CoachĪn ANZ First Home Coach is a lender who will support you at every stage of the home-buying journey. Unlike the comparison rate, the annual percentage rate excludes the lender’s fees and charges. This is a rate that indicates the annual interest rate you will pay on your loan.
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