Melbourne Home Loans are available directly from 30 or so lending institutions that include all of the major banks, or indirectly via the many mortgage brokers throughout Victoria who act on behalf of those seeking a Melbourne Home Loan, who need assistance to find not only a good mortgage deal, but one that is also the right deal, in their particular circumstances.
Whilst borrowers seeking Melbourne Home Loans, may not be as fully enlightened as mortgage brokers in respect to the intricacies of the home mortgage lending market, most would realise that;
- Interest rates can be fixed, variable, or a mix of both types,
- different interest rates are offered by different lending institutions,
- loans terms and conditions differ between lenders, and
- mortgage loans are available from providers outside of the big four banks.
What many intending borrowers may not know, is that every lending institution has its own lending criteria, against which the details submitted in support of any Melbourne Home Loans are closely evaluated. These lending criteria will most likely include;
- Applicant(s) Age
- Australian Residency Status
- Income/Income Sources
- Employment Status/Employment History
- Legal Status (Private Individual(s)/Company/Trust)
- Financial History/Credit Score
- Current Assets/Current Liabilities
- Actual Ongoing Living Expenses
- Size of Loan Sought
- Amount of Deposit Available
- Location, Type, and Size of the Property to be Financed
- Loan Purpose (Property Investment/Owner Occupier)
Whilst common criteria are evident across most lending institutions, specific un-published criteria can be applied by individual lenders, and every lender will apply the common lending criteria in their own way, according to their own long-term experiences in managing mortgage risk.
As such, obtaining approval when seeking Melbourne Home Loans without having the intimate knowledge of each lenders specific lending criteria that an experienced and successful Melbourne Home Loans Mortgage Broker possesses, can be a tough and time-consuming process with no guarantee of success.
Engaging a skilled Melbourne Home Loans Mortgage Broker, to negotiate on your behalf with a panel of suitable lenders, can ease the pain of the process, and generally smooth the way towards obtaining the required outcome.
As a member of the FAST group, one of Australia’s leading mortgage aggregators, Oz Lend has more than 15 years of experience in Melbourne Home Loans Mortgage Broking and we are experts in finding the right loan, the right interest rate, and the loan that is right for you in your specific situation..
Remember that Oz Lend specialise in Melbourne Home Loans for Emergency Services Workers, their families, and their friends (who do not have to be involved with the Emergency Services), so why not seek our assistance in preparing your application for Melbourne Home Loans and submitting it to the right lender whose lending criteria is most favourable to your circumstances.