Tips for first home buyers when applying for a loan
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The financial process of buying your first home can be nerve-wracking. We’ve come up with a few tips that can help your chances of getting a loan:
- Talk to your bank or broker early on and find out what their lending requirements are
- Find someone you feel comfortable dealing with and keep in touch with them
- Create a good savings history – even three to six months of regular saving can help
- Work out a budget before you see the bank to show you are well organised financially
- Pay off as many debts as you can before you apply for a loan (having other debts can reduce the amount you can borrow)
- Try to gather up the information the bank needs before you apply (it’ll save you time and means you’ll get your answer faster)
When you’re applying for a home loan
When applying for a home loan, you'll need to have the following information on hand to provide to your bank or mortgage broker.
- Details of your annual income, including any overtime and commission.
- Details of your debts and expenses, such as credit cards and other loans.
- If you've already made an offer, any details on the property you have in mind.
For more tips on getting a home loan, check out our blog here.
