When looking for a home loan, people naturally want to find a good rate, and loan product. However, sometimes this backfires. Too many enquiries on your credit file can really hurt your chances of getting approved.
It’s notoriously hard to get into the Australian property market. With rising prices, saving up that all important deposit, can be hard. So it’s no wonder that many younger people get a little help from their families. Often this is in the form of a financial gift, which is used as a home loan deposit.
Most people realise that their current debts play a part in their ability to borrow money. The your current amount of debt is especially important if you’re applying for a home loan.
While you might be aware of this, what you might not know, is how banks actually calculate your debt. Many people are also surprised by what banks count as debts.
The prospect of buying your very first home is an exciting one. There are so many factors to think about. Of course, one of the main considerations is price. The amount you can afford will have a large bearing on your choice of property.
Are you, like many other Australians, a property investor? If you already have a portfolio of properties, and want to expand by buying another investment property, you may have just hit a brick wall.
