Choosing your preferred lender
Having reviewed the terms and conditions of your preferred lender and having any terms you don’t understand explained by your financial or legal advisor, calculate what you can afford to spend by adding the amount you have saved with the amount you can borrow, and allow for lender fees, duties, legal and moving costs etc.
Nominating your preferred lender private treaty
Once you have chosen your preferred lender you can generally nominate them (a financial institution or mortgage broker) with the standard form of contract of sale and make your offer subject to finance by way of a special condition. If the loan is not granted by that particular lender, then the contract of sale is no longer binding on the buyer. Subject to finance is not a default way of getting out of a contract, be aware that if the particular lender does grant a loan the vendor may enforce the contract.