Loan

During a home loan application, your bank or non-bank lender will require you to submit documents that verify or describe your income and current financial situation. That includes documents such as: Bank statements Payslips and other proof of income Details on existing loans or monthly credit payments, among others Lenders would review and assess these documents […]

To assess your creditworthiness, banks will request & verify your assets and liabilities. But what do banks consider as assets and liabilities? Assets may include superannuation, cars, savings, shares and any real estate you own. On the other hand, your credit card debts, personal loans, HECS or HELP debts, home loans, or vehicle loans count […]

Your credit history, credit enquiries & repayment history determine your credit score, which is sometimes referred to as your credit rating. A credit report includes your identity information, such as your name, date of birth, residence, and employer. It also contains information about any loans or obligations you have, whether current or old and your […]

The lending industry uses the term “genuine savings” to define borrower’s funds deposited over at least three months. It’s as simple as putting your deposit into a savings account, adding to it every month for three months, and then you have genuine savings.  Genuine savings are among the many factors banks and non-bank lenders look […]

Banks and lenders carefully verify various factors to determine your borrowing capacity when applying for a home loan, including your living expenses. When evaluating home loan applications, banks typically use various methods to assess your living expenses. But in reality, each household lives a different lifestyle, and tracking your living expenses may be difficult. That’s […]

If you have applied for a home loan before, then income verification should be like clockwork. Download a few payslips, submit them to your mortgage broker, and have them submitted to your desired lender. But if you’re a first-time home buyer shopping for a home loan, you may wonder how banks verify your income. Income verification is […]

Purchasing your first house is a significant milestone that frequently involves life-changing decisions and adequate financial preparation. Getting your first home may be daunting, but having the right tools and access to guarantee schemes can help ensure a smooth and manageable first home loan. We’ll detail the First Home Guarantee Scheme, including its features, advantages, […]

Preparing the necessary financial and personal documents is key to ensuring that you and the lender make a wise financial decision by engaging in a home loan agreement. In this article, we’ll walk you through the various types of home loan documents you can expect to encounter during the application process.  Understanding these documents will […]

Your credit score is pivotal in determining whether you qualify for a home loan and the terms you’ll receive. In this post, we’ll learn more about what a credit score is, why potential homeowners need to understand them, and how it impacts the approval of your home loan. Why your credit score is important In […]

Homebuyers can benefit from understanding genuine savings and how they can use it to maximise their deposit and apply for better rates. But what exactly are genuine savings, and why do they matter? Let’s dive into genuine savings, exploring what it entails and why it’s vital for your financial journey. Genuine savings: What is it […]