6 Tips for Getting a Home Loan

By Charles Samways | Finance Articles

Aug 07

Fast Track Your Mortgage Application with these 6 Tips.

1. Proof of income

As a general rule, lenders like to see that your home loan repayments won't exceed 30-35% of your gross monthly income. 

2. Slash your debts

Reduce your outstanding debts. This includes any credit card/s and or loan or car debt.

3. Save, Save, Save!

A 20% deposit will help you avoid paying Lenders Mortgage Insurance.

4. Find a Guarantor

A guarantor, such as a parent, can financially support your loan application by securing it against their home.

5. Prove Repayment History

Prove that you can make consistent repayments. Supply bank or history of loan repayments that you've previously had. This will reassure the lender that you are able to make constant monthly payments.

6. Mimimise Loan Applications

Previous loan knockbacks can leave a mark on your credit history.

About the Author

Charles Samways is enthusiastic about property and wealth creation would bean understatement. He has over 30 years of experience in the finance and residential property investment industries. With this experience, he can extend his knowledge and experience to improve your financial position. He wants to become your trusted adviser and will approach every transaction from your point of view, not the lenders.

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(4) comments

The Loans Department 11 months ago

Hey Charles,
It is the dream of any sane person to own a home and most of us desire extremely luxurious homes which may remain a desire if we were to rely on our employment incomes, savings or other normal earnings. I am back here to appreciate you for enlightening me on how I could earn myself a mortgage. The truth is it’s not as easy to take up the challenge but if you are determined, you will definitely achieve it. I applied the few opinions above especially by saving and slashing other debts and within no time, I got a loan enough to get me a home, all thanks to you for this wonderful post you shared. I’m now an expert and more so working with a renowned loan’s institution but all in all, if you are reading this post for recommendations on how you can get a mortgage loan, you are in the right place and you will definitely get insights here.

Best Regards

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Akanksha 11 months ago

Do we need to provide the financials of Guarantor?

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andreas stecker 8 months ago

This article is short and to the point. Great tips on how to prepare for a loan. My favourite one on the list is the saving one. My parents always taught me to save so that one would come naturally.

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