Not sure if you qualify for a home loan? Tips to make sure you get approved
Applying for your first home loan can seem daunting. After all your hard work, budgeting and saving, it all comes down to this moment - will you get approved?
But it doesn’t have to be that way. In fact, with Bluebay Home Loans, it can actually be a piece of cake! You don’t always need a big deposit, and there are quite a few different options available to you. Plus we’ll help you prepare everything for your application.
Tips for getting your first home loan approval
To get you started, here are some great tips on improving your chances of getting approved.
Show regular savings
If you can prove you’ve been able to regularly save money over a period of time, you’ll have a much better chance of approval. Any amount of savings is better than nothing. Without savings, lenders worry that you won’t be able to commit to the regular repayments of a loan.
Stick with your job
The longer you’ve been in your current job, the more secure a lender will view your income. Even if your new job pays better than your old one, applying for a home loan after just starting can reduce your chances of approval.
Pay off your debts
Every debt reduces your chances of approval or reduced the amount you can borrow. So try to pay off as many debts as you can before applying for your first home loan. (Debts include credit cards, store cards, interest free periods, etc.)
Don’t apply for lots of home loans
Each time you apply for a home loan, you affect your credit rating. Your best bet is to choose a lender you trust, who will help you prepare for your application, suggest the most suitable loan, and give you a good indication of your chances of success BEFORE applying.
Get a pre-approval
By speaking to a Bluebay Home Loans mortgage advisor before applying for any home loans, you’ll get a good indication of where you stand and it'll help in your property search.
Find out if you qualify
If you’re still wondering, “do I qualify for a first home loan?” fill in our contact form or call 1300 258 229 now. Our friendly consultants will walk you through your options, explain the process, and answer any questions you have. All without impacting your credit rating.