Looking for advice please
We are hoping to buy our first home soon , currently waiting on to hear if we have been pre approved from our broker but not sure how long we will have to wait for a response.
We have been in our current rental for 2 years & our agent has just sent us a lease renewal - lease is up Jan 31st .
How soon before the lease is up do we have to resign ?
Should I approach the agent & explain our situation & maybe hold off on re signing ?
Do we wait to hear from the broker before contacting the agent ?
Has any one been in our situation?
We are in Qld .
Any advice would be appreciated thank you!
Rental Lease & buying a home .
Rental Lease & buying a home .
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Life Lessons
6 Replies
QLD here; I’ve resigned the day before as I wanted to wait to see if I was approved for another rental I liked on a bigger block. No issues :) I did send them a quick email before hand and said I was looking for another place (it was a specific place I wanted and didn’t get it cause of my income being considered to low for it 🙄 $50 more than where I am).
You honestly have soo much time, I imagine your broker will be in touch within the week. My son in law did the pre approval for a house/land package and it was all sorted within the week the unconditional approval took longer cause COVID come along and then he got put onto job seeker and the bank pulled out when doing the unconditional approval so they went though another bank and broker blah blah anyway they move into their fresh built house in a week :)
Once you tell your agent they'll look out for themselves and push you for an answer by putting it up for rent. Don't respond until you have to, which I believe is 4 weeks but find out and do the right thing and no more because they wont hesitate.
I would contact your broker and ask them.
Chances are you could sign the lease anyway. It often takes a few months to find a house worth putting an offer on, and then awaiting the actual approval (preapprovals dont always fast track this like you'd imagine they should), the settlement period and contract signing takes time too. But I would definitely see what your broker thinks first.
You can also ask for a six month lease. Get the answers from your broker first
This is probably different state by state but I know based off our lease agreement we have to either confirm our new lease/give our notice to vacate 42 days prior to the end date of our current lease.
You've probably got a bit of wiggle room to just wait and see at this point but I expect your agent will really start pressing you for an answer by the end of November.
I personally would request a 3 to 6 months lease regardless what your broker says. Sometimes finding and closing on a home can take longer than anticipated, you don't want to find yourselves caught short in that regard so it's always good to have your rental lease to fall back on.
We just recently bought our own home and we had been renting a house for a year. We had pre approval to purchase our own home. The owner of our rental offered a 6 month renewal as they heard that we were looking to buy with no increase in rent as we were great tenants. As we found a house we liked and our bank was confident that we would have no problems in getting final approval, I told the real estate that we weren’t interested in renewing the lease. We didn’t hear back from the real estate and our rent continued as normal. A few weeks later we signed contracts for our own home and I gave notice we were vacating to the real estate. It was a gamble and we were fortunate that the real estate/owner were happy enough with us to allow us to stay. Since moving they have increased the rent by an extra $70 😬 I hope it all works out for you 😊