Prepare for your upcoming home loan application

January 05, 2014
Dwayne Brittain

If your are proposing to purchase, build or refinance and require a home loan below are a couple of preparation tips to maximise your chance of approval with your lender.

1.     Minimise, or even better avoid any new borrowings that may result in a credit enquiry placed on your credit file. Most lenders use a process called credit scoring and too many enquiries in a short period of time may result in an automatic decline.

2.     Be sure to make any home loan, personal loan and credit card payments by the required date. Also keep your credit card within it's limit. Any overlimit fees or late payment fees on your statement may ring alarm bells for any assessor.

3.     Any home purchase with less than 10% deposit will require genuine savings evidence. General Savings is calculated using the minimum balance of your savings over the latest 3 month period. Avoid withdrawals over this period as lenders like to see evidence of a regular savings pattern which would indicate any proposed loan repayments can be comfortably met.

Should you have any questions regarding the above please feel free to call me on 0428 434084 or email

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