1) Proof of income
- 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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