Home Loans: How To Get What You Need
For many first home buyers, the idea of securing home loans can be a little nerve wracking. How do I know I will get approved for a mortgage? What criteria will the lender be looking for? How much can I borrow?
The key to getting the financial backing that you need to finance a property purchase is putting your best foot forward.
While there are several different lenders in the Australian market, there are a few factors that you can count on to make a difference in your borrowing capacity.
The state of your credit is one. If you have unpaid bills, open credit card accounts from various sources and thousands owning in personal loans, chances are you will not be incredibly appealing in the eyes of a lender.
In the months leading up to your planned loan application, there are a few things you can do to boost your borrowing image.
By consolidating debts and closing accounts, you will show that you are serious about taking control of your finances.
It will also benefit you to come up with a savings plan and a budget to show that you will be able to handle mortgage repayments and other bills once you are a home owner.
To get more detailed information on your situation, talk to a Loan Market mortgage broker today.