The right loan for you

Have you ever had a loan application declined? Those that have will confirm it is a defeating experience. You expose your private financial life to an organisation only to be told “You don’t meet our minimum lending criteria”, and yet you have been waiting for an update for up to 10 business days just to hear this cold and emotionless answer, very calice.

How can you avoid situations like this?

The simple answer is, by choosing the right lender and right loan for you the first time. One of the benefits attached to working with a mortgage broker, is these people are Lending Policy experts. A sound knowledge of what is acceptable and what is unacceptable with each of their accredited lenders takes the heartache, and quite often the waiting time, out of a decision from the lender you apply with.

Lenders vary their policy based on the size of the deposit, the amount of equity held in other real estate, what type of employment you have, how long you have been employed in your current role, how long you have been in the industry you work in and the list goes on and on. Sometimes lenders will not proceed with a file not because of any of the borrowers characteristics but because they do not like the type or location of the security that is being offered. The mine field that is lending policy is far too much to comprehend for someone not working within the mortgage industry. With this in mind the old days of jumping on the internet and finding a cheap interest rate and sending a loan application to the lender yourself is not only detrimental to that application but could have impacts on your credit file for future loan applications!!

Drop us an email or call me on 0412 951 773 to discuss the most appropriate lender for your next loan application.