PERTH & MANDURAH 08 9367 4222

08 9367 4222

Are you planning on buying a home sometime soon? A home loan will usually be a big part in making that a reality. In the current financial market, it is more important than ever to ensure that you are practicing excellent financial management, no matter what your income.  In the eyes of lenders, there are a few things you can do to position yourself as a favourable and low risk applicant.

Particularly if you are planning to buy in the next 3-6 months, it’s time to pay attention. Incorporate these tips into your lifestyle and you are well on your way to a successful home loan approval. You may also find you enjoy implementing them into your daily life! They certainly will give you a strong sense of empowerment, help you save more and make lifestyle changes.

One of the first things to be aware of is that lenders have changed the way they review your financial position. You will need to provide bank statements as part of your application process and the lender will be looking at the conduct on your statements.

Lenders will look at what you do today, and what you’ve done in the past to establish what you will do and are able to financially manage in the future. Will it take a lifestyle change to manage the home loan debt? Or does your current conduct of your finances verify that you are well within your means of managing the proposed home loan repayments?

Tip #1 Living Expenses

Tip #2 Make your repayments on time (for existing debt)

Tip #3 Pay your bills on time

In summary, lenders want to see consistency and excellent financial management within your current circumstance. They want to know that you can comfortably afford to make the proposed home loan repayments within your current lifestyle. If you are planning a purchase (or a refinance) in the near future, get in touch with your broker now for a free review of your finances. They will help you get set up now for a successful home loan approval in the future! (08) 9367 4222, [email protected] or fill out the form on this page.