5. What is the difference between an AIP and a Final Grant?
An AIP (approval in principle) is an approval based on your affordability and credit profile. Once this has been granted, the banks send out their own valuers to ascertain the value of the property and, provided the property is of acceptable value to the bank, the home loan is formally granted.
6. How long does it take to get a final grant?
It generally takes 2-3 working days to get an approval in principle and a further 2-3 days to get a final grant.
7. How long does it take for my new property to be transferred into my name?
The entire transfer process usually takes approximately 2.5 - 3 months provided there are no unforseen setbacks.
8. Can BrayCorp raise a second bond on a property I already own?
Yes, BrayCorp will offer the same service to clients registering 2nd bonds, taking care of all the paperwork and negotiating your interest rate.
9. Does this process take as long as purchasing a new property?
No, when registering a second bond, no transfer is taking place, there is only a registration of a 2nd bond on the property. This process generally takes 6 - 8 weeks provided there are no unforseen setbacks.
