Homeowners willing to wait months to get paid as lending crackdown begins to bite

PHOTO: Riskwise CEO Doron Peleg. Picture: Mike Batterham.

TIGHTER lending restrictions are blowing out property settlement time frames, with some sellers now willing to wait as long as six months before they get paid.

The banks’ crackdown on borrowers is changing the real estate game as mortgage approvals take longer to process, resulting in buyers having to negotiate lengthy settlements and more relaxed financial terms.

READ MORE VIA REALESTATE.COM.AU