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If you think it’s tough to get into the housing market, the home loan approval process ain’t much better! The past twelve months have seen an enormous amount of change in lending parameters. This can come as a rude shock to those applying for loan. Here’s some information about what the banks are now looking for and how you can up your chances of approval.
New criteria
Banks are now stricter when it comes to lending. It’s no longer a simple process of assessing your income to ensure you can afford to make your repayments and then bang, there’s your loan. It’s quite different.
Apart from tightening their lending criteria, banks are now scrutinising your living expenses. To be eligible for a loan, you’ll be asked a whole bunch of in-depth questions about your spending habits.
Things like:
- How often do you eat out?
- Do you go to the gym?
- Do you have Foxtel or digital streaming services?
- What is your mobile phone plan like?
And so on.
Your best shot at approval
Apart from strict lending criteria and the vast amount of detail they require, each bank also has their own preferences. These can make all the difference between an approval and a decline. This is where an experienced broker can help.
At Professional Partners, we keep up-to-date with the ebbs and flows of what each bank requires. We understand the ‘ins and outs’ of different bank products, application details and what best matches your unique requirements to get your loan approved – fast. Contact us today to chat about how we can help you secure your loan approval and get you well on your way to your dream property.