Finance advice
Richard Symes

Top three tips for securing loan approval

By Richard Symes

If you are looking for that dream home or investment property, it pays dividends to be well prepared from the outset, especially for those people who will require a mortgage.

Blogger: Richard Symes, CEO, Credit Repair Australia

Despite banks being more willing to lend over the past 6 years, this doesn’t guarantee loan approval success. I know, as I encounter first hand the multitudes of Australians who are getting rejected for home loans, even if they can afford the repayments!

So what should you consider prior to bidding for that dream home?

When looking for a property, everything can happen very quickly and it is easy to get swept up in the moment, even before your finance is approved. By taking your time and ensuring that the necessary checks are made, you position yourself with the best chance of getting approval for that loan.

Tip 1 - Demonstrate savings
It’s not rocket science, I acknowledge, but banks like to see that you can save. By demonstrating your ability to save, lenders have greater confidence in your ability to pay off your mortgage. With current market conditions, it can be extremely difficult getting approval for a loan with any less than demonstrated savings of 5%. Ideally, banks prefer to see demonstrated savings of 10% - 20% of the value of the loan.

Some budding homebuyers may say, “But I have money in the bank now! Doesn’t that count?”

It depends. The banks recognise savings as finance that has been in your account and untouched for a period of 3-6 months. Otherwise a parent / friend / colleague could just deposit the funds for a week prior to the bank inspection of your finances, with the view of withdrawing it shortly after loan approval!

So, aim to have the funds in your account for at least 3 months prior to applying for a home loan. Better yet, aim for incremental increases in the balance of this account, which demonstrates that you are an efficient saver. I also recommend having this decline over time).

Having demonstrated saving implies that you have enough disposable income to withstand external shocks such as rate rises. I regularly encounter Australians who have come into financial trouble due to external shock or changes in their income that they didn’t account for. Lenders will consider not only your savings track record, but that you can weather such ‘shocks’ as well.

Tip 2 – Ask yourself, “Can I service the loan?”
Lenders want to ensure that you can appropriately service the loan. They look at a variety of areas such as the size and security of your income, any existing debt, and the number and size of credit applications you have.

If your income isn’t large enough to adequately repay the loan and leave you with enough disposable income to provide essentials for yourself or your family, then – somewhat obviously - you are unlikely to be able to service the loan. I know that some people believe they can live on bread and water and so reduce their expenses to meet the loan repayments – however, the banks won’t view your earnestness to live so modestly as sufficient for loan approval!

Furthermore, lenders prefer to see that your income is stable. Typically, lenders consider 'stable’ as those borrowers who have been with their current employer for 2 years or more. If you’re self-employed, lenders like to see that you have been in business for at least 2 years.

Tip 3 - Sort out issues with your Credit Report
Your credit file can play a decisive factor in getting approval. That said, most budding home buyers and real estate investors have little idea of how they score on their credit reports.

The simple maths is that if you have a low credit score, you are much less likely to secure a home loan.

Black marks on your credit file – often arising from a missed bill or credit card payment some time in the previous 5 years…yes, that long! - heavily impact your chances of loan approval. So, get to know what is on your credit report. There are plenty of free sources for this (including Credit Repair Australia). By knowing what is on your file before applying for a loan, you can assess whether you need to deal with any ‘black marks’. Not all black marks can be removed – some people do have to wait the full 5 years for them to disappear – but there are many that can be. Either way, budding home buyers ought to see if their credit reports are ‘clean’, and if not, ask whether they can remove the ‘black marks’ either by themselves, or through an expert.

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About the Blogger

Richard Symes

Richard Symes

Richard Symes is the CEO and founder of Credit Repair Australia, the leading provider of credit and debt solutions. Richard pioneered the credit restoration sector and developed Australia’s first credit restoration process over a decade ago, allowing Australians to have black marks completely removed from their credit report. In 1999 Richard also played a pivotal role in using new Australian laws to develop workable solutions for people struggling with debt. Known as Credit Repair Australia’s debt solutions, these options now allow Australians to pay back their debts at an amount that is affordable, which may not include interest or paying the full amount of what is owed.

“We are good at what we do because we believe in what we do. We enjoy helping people get their lives back, especially when they are affected by their credit rating. We built Credit Repair Australia with one purpose in mind, to get results that can give people back control of your life.”

For more information on Credit Repair Australia visit www.creditrepairaustralia.com

FROM THE WEB

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With the softening market impacting property values in many parts of Australia, Sally Dale, Opteon state director for NSW, ACT and Qld joins us to discuss the importance of valuations in the current property market

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Joining host Phil Tarrant, Sally will draw on her 25 years of experience in valuation and discuss the processes involved in arriving at a value for a particular property. She will also share how that process differs between commercial and residential properties and the difficulties which regional property valuations can present.

Sally will unpack the importance and cost of regular valuations on your properties, discuss whether presentation and owner input can sway a valuation and share what you should look for when seeking a reputable property valuer.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Sydney
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A softening market can be a difficult time for a property investor with finance approval tightening and property capital growth slowing, and while many real estate agents are also feeling the squeeze McGrath Brighton Le Sands' Bill Tsounias claims it is simply the market returning to normal.

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In this episode of the Smart Property Investment Show, Bill joins host Phil Tarrant to share his thoughts on the current Sydney property market, and to share the shifts that he has seen in house and unit sale prices following their worst quarter in the past decade.

Bill will unpack why properties are spending longer on market, share what he believes property investors are doing wrong when trying to sell their properties and share the secrets to getting the best out of a real estate agent and an auction in the current softening market.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Revesby
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Top 100 ranked agent Bill Tsounias shares the secrets to getting the best deal in a softening market
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Gavin Kemp and his now-fiancé bought their first property together after only six months of dating. They weren’t even living together at the time. Now, two years on, the pair have bought five properties, sold two and have a solid plan in place for their ongoing property journey. 

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In this episode of the Smart Property Investment Show, Gavin joins host Phil Tarrant to discuss how he chose the locations where he decided to invest and how, due to the initial lack of education (something that he now values highly), he lost money on his first two investments.

Gavin will share his thoughts on the current property market, reveal the people who he has leaned on throughout his property journey and discuss why his strategy employs a zero procrastination rule.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

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Launceston
Raceview

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A joint property portfolio before they were even living together

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