Applying for a home loan [How to improve your chances of Approval]

Описание: Applying for a home loan this year? In this video we walk you through everything you need to know about getting a mortgage approval and the things you need to ensure that your home loan gets formally approved the first time!

00:00 Applying for a home loan [How to improve your chances of Approval]
00:30 The banks secret scorecard
01:36 Your net disposable income (how much is left over every month)
02:00 What the banks are looking for (LVR, Income, Deposit)
02:59 You need to stay under your limit
03:30 The 5cs that you need to follow
06:44 Super money is a big no no right now
07:33 Banking code of practice
08:43 Guarantor loans

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Mortgage Broker Brisbane - Hunter Galloway
Head Office: 3 Latrobe Tce Paddington QLD 4064
PO Box 841, Paddington QLD 4064
CBD Office: Level 20, 300 Queen Street Brisbane, QLD 4000


Hunter Galloway are an Award Winning Mortgage Broker based in Brisbane. We help clients from our local area, Australia, and all over the world. We believe buying a home should be stress-free and uncomplicated, and we will work for you to make your dreams become reality.


Next steps and settling your first home


Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.


Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.


If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).


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1 - 5 C’s of credit
There’s a lot of confusion with how the bank assesses applications. I mean why would the banks decline your application if you’ve got a few missed payments, but have a big deposit and huge income to boot. Well the five c’s of credit will explain this, they are, Character, Capacity, Capital, Collateral & Condition.

There are a few of the points here when determining if your character's acceptable;

● Credit score - essentially the lower your score the worse your deemed character.
● Savings history - the banks want to know you’re serious about what could arguably be considered one of the biggest financial commitments you’ll have in your life. So by having a saving history it’ll show that you’ve put plans in place and not a spur of the moment decision.
● How much debt you have - try to avoid debt as much as possible, things like car loans, credit cards and even after pay.
● Savings vs income earned - okay so you earn $120,000, but have nothing to show for it. The banks want to see that you have the ability to moderate.
● Monthly expenditure - keeping this under control goes a long way towards improving your chances of approval.
● Any late payments - this is a really bad sign, the banks treat each other like family. So be sure to keep this in mind.
● Payment plans for tax - if you’re self employed, the banks look at not only how much you’re earning but also your ability to manage your financial affairs. So try to avoid tax payment plans if possible.
● Asset vs liabilities - generally speaking the banks will only consider things such as shares, savings and equity as assets. Therefore if these assets are outweighed by things like credit cards & personal loans then it will have a negative impact on your character.

● If you’re borrowing to your limit - living under your means is a big plus, so know your limit and be under it.
● How much skin you have in the game - banks know that the more money you put down, the higher the chance you’ll meet your repayments and won't default. So the larger your deposit, the better your character.


With the home build grant now available to those looking to build, how the banks assess your character will be the deciding factor in whether or not you get the loan.


We’re already seeing the banks increase scrutiny on their assessment criteria.

DISCLAIMER:
This video offers no Legal, Financial and Taxation advice, and the information contained is general and does not take into account your personal situation. The Listener acknowledges, consents and agrees to the viewing of the content presented on the Channel is subject to the full Disclaimer (below) and agrees to be unconditionally bound by this Disclaimer.

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