6 Tips to get your home loan approval first time

One of the biggest achievements in any adult’s life is the day they get to buy a house. People work at various jobs up to odd hours in order to make this a reality. Australia got characterized by an upsurge in the demand for houses, and this has been made possible by the favorable Australia home loanrates. You can get the best homeloans from a variety of financial institutions and upon Ken scrutiny you will get the best home loan Australia agency. 

The whole process of buying a house entails a couple of things that many people are ignorant about. And this is not only limited to the Australians but even to those who have migrated to the continent.

Below is a list of things that you will need before applying for a mortgage.

• ·         Statements of all previous loans and credit card
• ·         At least two recent pay slips
• ·         The most current income tax returns
• ·         PAYG summaries
• ·         Most current personal bank statement

Remember that the most crucial detail is the state of your finances. Review your credit accounts history is it cards, loans or even phone bills. Ensure you clear any outstanding bills. This is because the lender will scrutinize all these records to check for any defaulting practice.

Ensure all the information you are given matches up, and there are no discrepancies as these will send a red flag to the lender and cause you application to be denied. Credit professionals come in handy to help sort these issues.

Any outstanding bills needs to be paid off before you start the application. Even those that you thought you had already made counter check to ensure you have. In case you have paid off any delinquencies these are recorded as bad history in your financial report, so it is advised you wait for about six months before applying.

Deposit size

The amount of deposit to place is one of those grey areas that people applying for mortgages are not aware of. The practice of lenders is that they prefer clients who can put down large deposits of at least 20%. Anything less will accrue an insurance charge that will make it more expensive. Therefore, you may want to save for a while longer in order to enable you to put down a larger deposit.

Mortgage brokers

This whole process of buying a house is very tedious, and there is a lot of information that one may not have. Mortgage brokers come in handy from helping you get the right home in an excellent neighborhood whose house prices appreciate rather than depreciate, and even which financial institution to borrow money from. They have a lot of knowledge on various lenders and their terms and conditions of being in the market for so long.

Thus by consulting them you are assured of the most competitive home loan Australia rates and even a faster process. They help you to know which documents you will need and in case of any disparities they can help you correct them before sending in your application. Therefore, you may have to pay an extra buck for this consultancy service but it will save you a lot of time and even money in term of getting the best mortgage rates.