If you thought you could arrive at a show house, sign the deal and all is finalized, think again. These days getting a home loan is not easy and certainly not for the faint hearted.
I'm not saying that getting a home loan is impossible, but you really have to know your stuff, or even better still, have someone who knows their onions do the deal for you.
Currently there are only 3 banks/lenders that give 100% home loans and it's not easy to get.
One late payment or arrears account on your credit profile and you're declined. You have to have a squeaky clean record to get 100%.
Fact is, while some 78% of home loan applications were successful in the 2005 and 2006 boom times, only around 45% of home loan applications are currently successful.
The amount of debt you have in relation to your income is something the banks take very very seriously. Your affordability is crucial and will make or break the approval of your home loan.
If you are thinking of buying a home in the future, call us first so that we can work out your affordability in line with the banks rules and regulations. You'll get a pretty good idea of what type of home and home loan you will be able to afford.
