6 Tips for Getting a Home Loan

 

 

 

 

 

 

 

 

 

 

 

1)  Proof of income

Provide:

  • Payslips
  • Employment details
  • Recent tax returns

As a general rule, lenders like to see that your home loan repayments won't exceed 30-35% of your gross monthly income.

 

2) Slash Your Debts

Reduce your outstanding debts.  This includes any credit card and/or car loan debt.

 

3) Save Save Save

A 20% deposit will help you avoid paying Lenders Mortgage Insurance

 

4) Find a Guarantor

A guarantor, such as a parent, can financially support your loan application by securing it against their home.

 

5)  Prove Repayment History

Prove that you can make consisten repayments.  Supply bank statements or a repayment history of a loan – such as a car loan – that you have had previously.  This will reassure the lender that you are capable of constant payments.

 

6)  Minimize Loan Applications

Keep your loan applications to a minimum.  Previous loan knockbacks can leave a mark on your credit history.

 

For the full article, please visit:  https://www.aussie.com.au/home-loans/fun-facts/6-tips-for-getting-a-home-loan.html

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