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Credit Scoring – Getting Your Home Loan Right The First Time

Credit Scoring – Getting Your Home Loan Right The First Time

Getting a home loan pre approval is the first important step to take before starting on your property hunting journey. However, it is important to ensure that you are likely to qualify for the home loan you are applying for, before putting your application in.

What Is Credit Scoring

Lenders will assess information about you before deciding to give you a home loan. As well as looking at your income, expenses, conduct on other loans, and the size of your deposit, they will also conduct a credit scoring on your overall situation.

Not every lender relies on credit scoring, but in many instances, if you have less than a 20% deposit, then this will most likely be factored in.

The surprising thing for many consumers is, that credit scoring can be affected by a number of things that you would not think of. This includes how many times you have applied for loans or credit in the past, particularly in recent months, or in the prior 12 months to your current application.

I want to apply for a home loan – what should I do?

It is important to have your situation reviewed up front by an experienced broker. At Bee Finance Savvy, we will go over all of your details including income, expenses, and when needed, conduct on your other loans and accounts. We can advise you if anything looks unfavourable, and help you with steps to remedy this.

It is also important to let us know if you have placed other loan applications or applications for credit in recent times. As your credit score can be affected by the number of applications you have made, the type of applications and how far apart they are. Then we are better able to match you with a lender whom will suit your needs, depending on your overall situation, and the type of loan you are now seeking.

We keep up to date on our 30 plus lenders’ policies. This means that we are familiar with their rules regarding how they will assess your application, and whether there is anything that needs further explanation on your behalf to ensure a positive outcome. We can provide you with an obligation free consultation, without marking your credit file.

After discussing your circumstances and goals, we’ll be able to provide you with an upfront assessment of your borrowing capacity, and pair you with the most suitable lender.

To take advantage of our obligation free consult, get in touch with our friendly broker Desiree! Desiree, based in the Sutherland Shire, works with clients all around Sydney and Australia. Call or text Desiree on 0455 131 937 or 1300 140 554 to get started! She can also be reached at enquiries@beefinancesavvy.com.au .  Alternatively, you can fill out the contact us form on this site.

For an obligation free consult, get in touch with our savvy broker Desiree!

If you would like to read what some of our customers have had to say about our services, we invite you to look at our WOMO reviews page – https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda .

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