Here are some steps that can assist :

  • Prepare a detailed list of current living expenses (Paul can email a form to you to help you cover the bases)
  • Prepare a budget including a loan repayment at 7.25%  (remember to factor in new expenses such as council rates, home and contents insurance, and allow for any repairs and maintenance)
  • Ensure all your credit cards and store accounts are paid up to date.  Lenders look closely at the last 3 months of credit cards and store accounts to ensure that there are no arrears.
  • Cancel unused Credit Cards 
  • Ensure that all financial accounts i.e. tax returns have been completed and lodged and paid up to date if need be.
  • Obtain a Credit Report or your finance broker can arrange one. This will enable a review of your current position especially as lenders will do their own report too. Occasionally a utility provider or telco may have recorded a default. Therefore, it is best to address any issues prior to submitting a loan application. 

Talk to Paul today if you need more information about your home loan application.