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Tips for getting a home loan approved

Investing in a home is one of the scariest / exciting things that you can imagine. That said, it’s incredibly expensive and often something that many people are unable to do without some financial assistance in the early stages.  

So, if you’re looking into buying your first home and would like to get a home loan approved in order to help soften the initial blow, then here’s what you need to do:  

1 – Know your credit score  

Knowing and understanding the state of your credit score is very important, especially when it comes to buying a home. That, and it’s a very simple and straightforward procedure which doesn’t require all that much effort.  

If you’d like some tips on how to improve your credit score, simply follow the link.  

2 – Save as much money as you can  

If you’re getting a home loan, you want it to be as little as possible in order to keep the monthly repayments down. One of the best ways of doing this is by saving as much money as you can to begin with. Yes, this is easier said than done, however, if you can afford to wait another year or so before rushing into getting a loan then it might be worth the wait.  

For those of you who want to get onto the property ladder as soon as possible, then you might want to see if you can borrow interest-free cash off of family. This isn’t always possible, but again, it might help to keep your premiums down.  

3 – Be consistent with your work  

Those who have an inconsistent work history are less likely to be approved for a home loan. In order to improve your chances of being approved, you’ll need to demonstrate that you can hold down a job for a long period of time. This is largely due to the fact that those who are not consistent with work, tend to be inconsistent with repayments.  

4 – Pay off as much debt as possible beforehand  

Don’t worry, you don’t have to be entirely debt free to get a home loan approved, however it certainly helps. Before making your application, we would advise trying to pay off as much of your debt as possible. This way, you’ll be demonstrating to your mortgage broker (let’s say, Multi-Choice for example) that you are consistent and reliable with making payments and paying off debts.  

5 – Be realistic about what you can afford  

Being realistic about what you can afford is another great way of ensuring that your loan applications are approved when the time comes. Here are multiple loan calculators that you can use, for research purposes. This will give you a clear indication as to how much you’d be expected to repay on a monthly basis so that you can gauge which is the most realistic option for you to apply for.  

Why not to go it Alone

 

Australian property law can be tricky, and without the proper assistance, there are many potential pitfalls. The temptation to use a buyer’s agent can sometimes be stifled by the prospect of having to pay commission. Many people believe they can do just as well on their own, and without a doubt, there are dedicated people out there who do manage to navigate a transaction on very good terms. However, the truth is, buying a property can be a maze of contradictions and ambiguous language, designed primarily by and for the legal profession. Consumers, if inclined to do so, are capable of researching, administrating, and organizing the data required, but most see it as a mountainous task with little room for error and unforgivingly harsh outcomes for those who make mistakes. Continue reading “Why not to go it Alone” <span class="meta-nav">→</span>

Traditional Home Security

 

There have been some great technical advances in home security in recent times. Homeowners today really have all the tool they need to make sure they don’t fall prey to those who wish us harm. The hi-tech security industry offers many gadgets and sensors and alarms which provide added protection to any home, However, hot everyone wants or needs such high levels of security, and some homeowners find it a financial burden to purchase, install, and maintain such sophisticated equipment. In this case there are alternatives. Many traditional forms of home security are overlooked in the modern age, and homeowners sometimes forget that cheaper, practical forms of protection are still available. Continue reading “Traditional Home Security” <span class="meta-nav">→</span>

When a Skip Bin may be a Good Idea

If you’ve ever tried to re-decorate a home you’ll be aware of just home much waste is produced. And if you’ve ever tried to get rid of that waste in a conventional wheelie bin you’ll know just how long it takes to get rid of the stuff. There are many jobs in and around the home which can leave you with a huge amount of trash. Sometimes it’s more of a job getting rid of the waste than the actual job itself. It’s at times like these that we could all use a little extra help. That help can come in the form of a skip bin. You may need to hire a skip bin for a multitude of reasons, and if any of the following jobs  seem likely to occur at your property maybe you should consider the benefits of one: Continue reading “When a Skip Bin may be a Good Idea” <span class="meta-nav">→</span>

Get your Business Known

If you have ever considered starting your own business you’ll know the first problem all business owners face is getting your product or service recognised by the public. It doesn’t matter how much value you can provide, or how much enthusiasm you have for your brand, if no one knows you’re out there you won’t make any impact on the marketplace.

However, with a little pre-planning you can get your enterprise up and running in no time. Not every business needs the same approach to advertisement, but there are some general sales methods which should do well in almost any industry. Let’s take a look at a few tries and tested ways to get your company the exposure it needs to succeed: Continue reading “Get your Business Known” <span class="meta-nav">→</span>