I recently was approved for a 0.28% loan (no PR but spousal visa) and am looking to purchase a house. The one we currently have our eye on won’t be ready until sometime in November, but I read recently the government is about to abolish this mortgage deduction at the end of 2023 so that for 2024 only environmentally friendly homes will be eligible and my house will only be a basic one.
My question is how long does it usually take to conclude a purchase of a home once the house is completed and the loan is approved? Also, is the loan tax deduction start date determined from the date you take ownership or the date you move into the house? (i.e. the date you submitted the Tenshutsu Todoke and then moved to the new address?)
The price of the house as gone down since our loan was approved so we would probably be reapplying for the loan at the lower amount which would also take time.
Thanks in advance for any insight, obviously there’s not much time but we would be losing a huge chunk of change for the next 13 years if we miss this.
3 comments
They’re not abolishing it at all. The requirements are changing. Lots of hyperbole here.
We applied after we moved in when we did it as that’s when the money went through and the contract was completed. The date we used was the date the loan was approved and accepted by the seller.
1. You can make a contract for the house before it has been completed so long as the building inspections are done.
2. Once you have a contract you can begin the main loan application and that should take about 4 or 5 weeks.
I hope you don’t mind OP, but which bank did you apply to?