- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance, Loan disasters - When finance goes wrong, Tricks of the trade - how banks fool borrowers
Have you fiddled with online calculators that supposedly tell you how much you can borrow for your loan? They ask you to put in your income and your expenses and Voila! A pre-approval certificate supposedly indicating how much you can borrow from your bank.
What these online calculators don’t do, is incorporate the actual policies from the bank, regarding whether you are in fact eligible to borrow from them.
There are multiple factors that influence whether you are eligible for the loan amount you seek, and it is more complex than just entering how much income is stated on your payslip or tax return.
There are items to consider such as, how long you have been in your job, whether your overtime or bonus income is considered as consistent (different policies apply at different banks), how long you have had your ABN for, or GST registration, how long your savings have been in your account, and various other factors that are not addressed when using online calculators.
At Bee Finance Savvy, we address all of these items – before submitting your loan application.
You will know how much you are truly eligible to borrow, before putting a single mark on your credit file.
We think outside of the box, and we strive to get you the best result. We wont match you with a lender whom isn’t going to look favourably on your income or job history, when we know there are alternatives out there whom will. This is the case amongst the big four, as well as dozens of other lenders.
Don’t take a gamble on your loan application. Ensure your circumstances are thoroughly assessed before allowing your application to be submitted.
As you know, multiple applications can have a negative affect on your success rate.
We will even work with you to meet your goals, by providing advice and solutions as to how you can increase your eligibility for the loan you want.
Whether this involves increasing your savings, or managing your credit file, we will work with you, to plan for the loan you want.