How to get your Home Loan Approved the first time

There is no doubt that home loan lenders across Australia have tightened their lending requirements over recent years and borrowers now need to provide more detailed information to obtain a home loan.

For many borrowers this is leading to frustrating delays in applications and approvals.  In many cases it is impacting the ability of potential home purchasers to obtain a home loan in the house price bracket they are seeking.

Below are some tips on how to approach your home loan application to give you the best chance of a positive result the first time!

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The Five Step Savings Plan for First Home Buyers

Getting into the property market and buying your first home can seem like an impossible task to many. Saving the deposit seems like a big ask, then you need to consider Stamp Duty and other purchase costs that just require even more savings!

Getting the deposit together takes discipline, but the rewards are great if you can manage your money effectively.

So what are the steps a future first home buyers should be doing to achieve their goal?

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What is a Family Guarantee Loan

Lets face it, the amount of money a first home buyer needs to save to get a foot in the door of the property market can look to be a mountain to high to climb for many first home buyers.

This has seen the emergence of Family Guarantee Loans over the last decade or so.

But what is a Family Guarantee Loan?

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The “Bank of Mum & Dad”

There are many kids in Australia who have treated their parents as a ‘bank’ as they have grown up. Whether it was getting the newest game or latest technology before they had saved enough pocket money, or even as big as asking for assistance to buy a car in their late teens.

But these days with the cost of housing many kids are seeking much larger withdrawals and assistance from the ‘Bank of Mum & Dad’ to help them get into property ownership.

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