There is simply no point in starting to actively search for a property to buy UNTIL you know that you can get a loan, UNLESS you intend to pay for the property entirely with Cash!
But some simple generic questions need answers
What things are Not Negotiable and what things are negotiable?
Long before you start looking buying a property, you must be sure your finances and ownership structures are in order.
The Key Question here is AFFORDABILITY. What can I safely afford without the risk of hardship if I purchased the property?
As a "rule-of-thumb" to get the best chance of getting a home loan, I advise my clients to have enough cash for:
Will I buy this property in my own name, partnership, company name, Discretionary Trust Name, SMSF, or ???
Getting this right will save on a lot of money if you have to fix it later.
Good Credit, Bad Credit, Poor Credit History
Being declined by a bank for your mortgage does not mean you are not eligible for a mortgage it just means you haven’t met that particular banks criteria.
So What Criteria Do Lenders Look At?
Investing in property is a great way to build your wealth!
Engaging the services of a Mortgage Broker can help you navigate the pitfalls of finding the Right Home Loan for your circumstances.
A Mortgage Broker has a statutory obligation to recommend a loan that is in your best interest, whereas a bank does not (as they only recommend their own products which is in their best interest NOT yours!)
A formal pre-approval involves a formal assessment of your credit worthiness and a formal written notification by the lender of how much you can borrow is then issued to you subject to the lender's approval conditions, usually they include
If you are looking to...
- Purchase your First Home or Investment Property
- Buy Land
- Build a New Home
- Refinance your existing loans
- Purchase an Investment property.
- Need a Business loan
- or Just Need a Loan!
In most cases - our services are completely free for you to use, as we get paid by the lenders for doing the assessment work; collating your loan application; and meeting with you.