If you are looking for home loans in Melbourne we can help you do your research and secure the ideal mortgage for you. There are varied types of home loans and it’s important to get the right one to complement your circumstances. Perhaps you plan on paying off your home mortgage quickly? If so we’ll make sure your loan doesn’t punish you for early completion. Or you may currently have dual incomes but are planning on starting a family down the track – you’ll want a home loan that’s able to adapt to your changing situation.
Our mortgage brokers understand the banking market and we compare the mortgage packages of over 30 lenders to help you get the ideal home loan in Melbourne. There are lots of things to keep in mind before opting for a home loan but with our help you’ll make an informed decision that benefits your family. We’ve outlined some points to consider below to help you prepare for a home loan application.
Buying your own home allows you to get on the property ownership ladder and withstand the peaks and troughs of the broader economic environment, happy in the knowledge that you are now a player and not just watching from your rental on the sidelines. Being knocked-back for a home loan is disappointing so consider the following points before you apply so that you can present as an ideal mortgage candidate and save time and hassle by securing your loan first time around.
Good credit rating
A lot of home loan applications get declined because of poor credit history. Lenders do thorough background checks before granting home loans so make sure you have paid all your bills and any outstanding debts. There may be lag time between attaining a good credit record and having it turn up in credit checks – some lenders want to see five years of good credit history so keep this in mind.
Comprehensive detailing of expenses – include everything!
If you neglect to mention key information on your application for a home loan, lenders lose their sense of humour. Not declaring all your expenses is called ‘non-disclosure’ and is looked on very unfavourably. Remember that lenders see your bank statements so be honest about all the credit cards and bills you have – even better, pay all those extra credit cards off before applying. It will save you stress and will allow you to present as a good mortgage candidate.
Stable employment history
Lenders prefer to see a stable employment history of at least 6 to12 months of receiving regular income. If you are self-employed you unfortunately face an extra hurdle when applying for a home loan no matter how stable and consistent your income has been. Lenders will want to see exact details about your income and you will need a solid paperwork trail to prove your income is what you claim. We can help you prepare the ideal application and match you with the ideal home loan in Melbourne for your circumstances. You may see only problems with your paperwork but we may see solutions that aren’t apparent to you – come talk to us and find out.