Recently, you’ve probably seen some great home loan packages advertised. Perhaps one of them looks like the perfect solution to your situation. However, as in all advertising, not everything is as straightforward as it seems. There are often hidden catches that you may not become aware of, until you apply and are declined!
Home loan advertisements – the hidden catches
As an example, let’s take a look at a recently advertised home loan package. The lender advertised that you could borrow 95% of a property’s value, plus insurance. Doesn’t this sound like a great deal?
But…there’s a catch. To meet the criteria for this loan, applicants have to have a $1000 per month surplus in their income. And that’s not all. This $1000 surplus is required on top of the income buffers that lenders already require.
The pitfalls of applying when you don’t know about the hidden catches
So what happens if you apply for a loan like this, when you don’t know about the hidden catches? Well, if you don’t meet the criteria, you’ll be declined. You might think that this isn’t a big deal. After all, you can just apply somewhere else, right?
Unfortunately, it isn’t always this easy. When you apply for a loan and are declined, this process leaves a mark on your credit file. These marks can be a barrier to successfully applying for finance in the future. This means that it’s very important to not apply for a loan, unless you fully understand the criteria, and know that you’re eligible.
Lender rules and criteria, are very complicated, making it too hard for the average person to work out what home loan they should apply for.
How can I find out what home loan package I’m actually eligible for?
At Bee Finance Savvy, we make it a priority to stay up to date on lender criteria and home loan packages. This allows us to match our clients with a lender and finance package that best suits them.
Bee Finance Savvy offers a comprehensive consult service, free of charge. During this consult, we can assess your situation, and then provide you with a plan to secure the finance you need to meet your goals.
If you’d like to receive a free consultation, all you need to do, is get in touch with our friendly broker Desiree. You can call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.
If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda