Tips for your home loan approval

Selecting the most suitable lender is important

Lenders are naturally cautious and want to know that in lending money to you, they’re taking on a good risk. Therefore, they want specific information from you that demonstrates to them that you’ll be able to pay your loan commitments.

Each lender assesses loan applications differently so some of the information you need to supply will differ between lenders.

An Aurora Finance Group finance professional will discuss your options with you and advise you of the most suitable lender for your situation. You won’t waste time applying to different lenders that don’t suit your needs and you won’t get unnecessary enquiries on your credit report.

Here are some suggestions to help you get your loan approved:

 

Find the right lender for you

An Aurora Finance Group finance professional will help you apply to the most suitable lender for your circumstance, the one most likely to approve your loan application.

 

Your presentation to the lender

Your presentation to the lender is important, now more than ever. An Aurora Finance Group finance professional knows what each lender wants and the subtle differences regarding their assessment criteria. We ensure that your strengths are highlighted with the lender.

 

Saving does matter

If you’re saving for a deposit, it’s important to keep your saving statements for at least three months and for you to show that you’ve been regularly saving and building up the balance.

If you’re refinancing a loan, the lender generally wants to see the last 6 months of your loan account and to know that you’ve been making your repayments in full and on time.

 

Do you have a clear credit rating history?

A lender may view your application less favorably if you’ve made too many credit enquiries in the last 2 years. It’s important not to shop yourself around. Because, even it you can service the loan, your home loan application may be rejected as the lender may think you’ve previously been rejected for other loan applications. An Aurora Finance Group finance professional can help you best present your application even if you have a number of credit enquiries.

 

Lenders like stability

Lenders like predictability, they like to see that you haven’t moved home too many times and that you’ve been in your job or industry for some time. Lenders generally will not consider your application if you’re on probation and some lenders want you to been in your job for at least 6 months, others 12 months before they’ll consider your application.

 

Truth is important

Always be honest in your application. Any discrepancies will soon become evident to the lender.