4 Things That Can Affect Your Chances of Having Your Home Loan Approved

Submitting a home loan application can be a bit of a nerve wracking process, particularly if you are looking to put a deposit on your very first home. Some people find themselves continually facing refusals, and this just makes the process feel even more challenging. Being well prepared is a key factor in having a successful home loan application, so there are a few things you should be aware of before you get started. Here are 4 things that can affect your chances of having your home loan approved.

Income and Job Type

Unfortunately not all jobs are considered equally when it comes to getting a home loan. If you work on a contract basis, have your own business or are self-employed, you may be experiencing difficulty getting the fair treatment that you deserve. You can counteract the bias that many lenders may have against your employment type by have over 20% saved as a deposit. The higher your deposit, the less likely your lender will reject your application simply based on your income and type of job.

Credit Rating

Your credit history is one of the first things that a lender will check when considering your application.  To improve your chance of success, it’s important to make sure that your credit rating is in the best shape possible. You can achieve this by having a proven record of prompt repayments on loans and credit cards, and by ensuring that all of your bills are paid on time. If you are experiencing difficulty at any time, contact your service provider or lender immediately to work out an alternative arrangement that won’t adversely affect your credit rating.

Inadequate Preparation

Being adequately prepared is the key to a successful application. Sometimes this can take months, if not years to truly achieve, so it’s important to get started right away. Your priorities should be to save a significant deposit, consolidate your financial situation and preserve your credit rating. With all of this taken care of, you can be confident that your home loan application has every chance of being approved.

Finding the Right Lender

While applying for a home loan can seem daunting, you don’t have to do it alone. Getting professional help is a great way to take the stress out of your home loan application. The team at Fox Symes Home Loans have a range of services available to suit your needs and personal financial circumstances, as well as specialised experience in helping those who may have had trouble being approved by other lenders. As a leading name in debt solutions and financial advice, it’s no surprise that thousands of Australians are choosing Fox Symes as their home loan provider.

By taking the time to adequately prepare yourself financially, you will have a much higher chance of succeeding with your home loan application. Don’t forget to check out Fox Symes home loans, and talk to the friendly team for some professional advice on how you can enjoy the best chance of success with your application.