Bentleigh Home Loan - 3 Ways to Boost Chances of Approval



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  • January 20, 2023

Bentleigh Home Loan – 3 Ways to Boost Chances of Approval

Facing rejection, after spending hours on preparing and submitting your application for a Bentleigh Home Loan can be disheartening.

While you might immediately start sending applications to other lenders, you need to be aware that making multiple loan applications, can reduce your chances of obtaining a future approval.

A local mortgage broker, can be your best friend, if you anticipate any difficulty in qualifying for a Bentleigh home loan.

Here are a few ways to boost your chances of obtaining approval for your Bentleigh home loan.

1. Review Your Credit Report Before Applying for a Bentleigh Home Loan

All lending institutions rely on credit reports from companies such as Equifax when assessing your eligibility for a Bentleigh home loan.

Your credit report reflects your spending patterns, how well you handle your credit, your relationship with finances, and how risky it can be for a financial institution to offer you a mortgage loan.

You can obtain a free copy of your credit report from any of the three major Australian Credit Reporting Agencies.

If your report shows a poor credit score, engaging an experienced local mortgage broker is the first step to identifying harmful credit issues, and putting in place a plan to resolve them.

Your local mortgage broker can also access their network of lenders, to find more flexible lending institutions, which may accept your credit history and your plan to remedy issues, and potentially approve a home loan for you.

2. Clear Up Your Other Debts

If your current financial standing prevents you from qualifying for a Bentleigh home loan, you might want to consider settling outstanding debts before reapplying.

Applicants with a high debt-to-income ratio, risk being declined for a loan, or can end up paying higher interest rates than less risky loan applicants.

Obtaining a thorough assessment of your financial standing from a local mortgage broker, can help identify all the issues, which may impact on your chances of succeeding with your home loan application.

Your local mortgage broker can help you identify your outstanding bills and other debts that you can clear off, or significantly reduce, to boost your future home loan application’s chances of approval.

In some situations, your mortgage broker may suggest consolidating your debts, so that you have a single debt requiring just one monthly repayment, which is less than the previous monthly repayment total from multiple debts.

3. Calculate Your Bentleigh Home Loan Borrowing Power

Based on your income and debt level, you can get a fair estimate of your borrowing power using a borrowing power calculator.

Applying for a Bentleigh home loan to purchase a high-priced property, that your borrowing power is not sufficient to cover the settlement amount, can also see your loan application rejected.

If you wish to purchase a high-priced property with limited borrowing capacity, you will need a significantly larger deposit, or find the means to generate a higher income.

Consulting a good local mortgage broker, is the best way forward, if you wish to get an accurate estimate, of your borrowing power.

Make Bentleigh Home Loan Applications Easy With Oz Lend

Submitting multiple home loan applications, to various lenders within a short period, is nothing short of self-sabotage of your important credit rating.

Before you start applying for home loans from multiple lenders, contact us at Oz Lend.

With over 16 years of experience in Mortgage Broking and Real Estate, we assure you that any loan you obtain through us, will be on the best terms possible for your individual circumstances.

If you are credit impaired or self-employed, we have vast experience in helping to prepare the best possible Bentleigh home loan applications.

Our experts will utilise our network of lending institutions, to uncover the perfect Bentleigh home loan to match your requirements and your personal circumstances.

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