The homeownership dream requires a lot of hard work, no matter what phase you’re in. And unfortunately, as time goes on, this is proving to become more difficult for those finally entering the market.
When you are ready to become a homeowner, you want the process to be as smooth and as quick as possible, which isn’t always easy to turn into a reality.
Luckily, we’re here to help. Here is your guide preparing your application so you have the greatest chances of getting fast approval for your loan.
Any bad marks on your credit history can slow down the process or even result in having your application rejected. Before collating all of your documentation, checking your credit history and addressing any issues is critical.
Lenders will always view your application more favourably if you have a larger deposit on hand. You should aim to have at least 20 per cent saved, as any less will require you to get lenders mortgage insurance.
There is a lot of red tape involved in applying for a home loan and it can be frustrating to be told that you are missing a form of documentation while you are waiting for a decision. The paperwork you should have ready and completed before applying includes:
If this is your first property, you will also need to have the First Home Owner Grant form completed. If you are applying for a loan with a guarantor, they will need to provide all of the same documentation as above.
If you have already taken out insurance or had an evaluation done on the property, this paperwork will be required as well.
As you are assembling your documentation and researching your credit history, you might be able to tell by yourself if there are going to be concerns over ongoing or outstanding debt.
Always try to have this paid down as much as possible before applying.
It can be tempting to apply for many home loans at once in the hope of getting the good news sooner, but this can actually hinder your hopes. Every time you lodge an application it is marked on your credit history and too many requests for credit will be viewed poorly by your lender.
SDK Finance home loans will help you reach your dream sooner through a streamlined application approach through our strong network of reputable lenders.
Need help getting started? Contact SDK Finance on 0438 205 886 or by emailing us at firstname.lastname@example.org for helpful guidance.