Mortgage Application Tips

If you’re in a position to buy a home, congratulations – you’ll be joining the ranks of tens of thousands of happy home owners in and around Australia. But if you’re anything like 85% of home owners, you’ll likely need to apply for a mortgage with a bank in order to cover the cost of your new home.

A home loan application can be pretty intimidating, especially if you’re not too sure of where to start, or which type of information you can trust. That’s why we’ve put together these helpful mortgage application tips tailored to first time home buyers.

Don’t settle for any old interest rate

There are 4 big banks in Australia and dozens of smaller lenders. The majority will offer home loans in some shape or form and those that do will typically want to see a return on their investment. And they will do so in the form of interest rates – a cheeky little fee that’s applied onto each repayment that you make to ensure that your lender sees a profit way over what they initially provided to you.

Rather than settling for the first offer from a bank, why not compare the different rates out there using a free mortgage calculator online?

Hire an expert

If you just don’t know where to start, if things are getting a little too technical for you, or if you’d prefer to have an expert take care of your mortgage application to free up your own time, then a home loans broker can go a long way. Not only can they typically compare different rates of interest to find the cheapest on the market, they also bring a wide range of additional skills to the table.

These skills include bank negotiations, loan evaluations and much more in between; in fact, after a recent poll taken in 2017, it was discovered that 1 in 3 new home buyers turned to a broker.

Minimise your stress

One of the main things that home buyers struggle to cope with when purchasing a new home is the stress, anxiety and pressure that comes from the activity. Plenty of people find themselves unable to deal with the challenges and requirements, but fortunately there is a solution. By taking on the services of a professional you could minimise your stress, whilst maximising your potential for approval.

Why not take on an accountant to help with organising your finances, or hire the services of a mortgage broker to ensure that you get the right type of home loan for your situation?