April 21, 2011
Take some of the angst out of waiting for your home loan to be approved by following these foolproof tips.
Be organised! Make sure your lender has all the relevant documentation and that all the information you have provided is accurate. Chasing up loose ends on your application is a sure-fire shortcut to delays. And present your documentation as neatly and professionally as possible,
Make sure you have six months worth of bank statements readily on hand, preferably with an increasing balance on each one.
Get your credit history in order. Don’t allow for glitches in your credit reporting. If your lender gets a whiff of any credit problems or suspects anything has been fudged you can expect delays or possibly even refusal. A solid track record of paying your bills on time will stand you in good stead.
Notify your lender if your personal or financial circumstances change between the time you apply and the time the loan is approved. This includes changing jobs, salary increases or decreases, additional debt, and getting married or divorced. If you have recently changed jobs, get proof from your employer stating you are no longer on probation.
Hire a conveyancer to check through the property contract and represent you on settlement day.
Honesty is the best policy. You have to provide evidence for everything, so any discrepancies are bound to show up.
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