Top Tips for getting your home loan approved

If you’re dreaming of owning your own home, it’s important to organise your finance well in advance, so that you can shop around with peace of mind knowing what you can afford to spend.
 

Each individual lender has certain criteria which must be met in order for an application to be approved. Fortunately, at Mortgage Choice Melbourne we’re the experts when it comes to knowing what each lender requires, so we can guide you in the right direction to save you time and unnecessary angst.
 

Here are our top 7 tips for getting your home loan approved.
 

  1. Choose the right lender – sit down with one of our experienced Mortgage Brokers to understand which lender best suits your needs and importantly, which lender is most likely to approve your loan application.
  2. Honesty’s the best policy – it’s critical that you can provide evidence for everything outlined in your application, so be sure that all information contained in your application is accurate.
  3. Proof is in the pudding – it helps to have a strong savings history, which can be substantiated through your bank statements and/or account records.  Most lenders want a 6 month savings history.
  4. Check your credit rating – to get a handle on your past and present credit history, you can purchase a copy of your credit file at www.mycreditfile.com.au. It goes without saying that all bills – large and small - should be paid on time.
  5. Stability is the key – having a stable job will be a plus for most lenders. Some lenders are also big on you residing at the one address for a period of at least 2 years.
  6. Limit credit – where possible, lower your credit card limits and reduce your cards to no more than one. This will help demonstrate that you can live within your means.  Your borrowing power is partly determined by your credit card limit, not what is outstanding.  So keep your credit card limits down.
  7. Get expert help – meet with a Mortgage Choice broker. We can help you determine how much you can borrow and find a home loan option that best suits your needs from our panel of up to 27 lenders, including the major banks. Our home loan service is free of charge and we’ll do all the legwork.
     

To discuss your home loan needs, contact an expert Mortgage Broker at Mortgage Choice Melbourne on (03) 8602 6777.
 

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