Before you apply for a home loan, a bit of upfront prep can make a huge difference - and put you in a strong position from the start. Here are three key steps to tick off first:
1๏ธโฃ ๐๐ง๐จ๐ฐ ๐ฒ๐จ๐ฎ๐ซ ๐๐ฎ๐๐ ๐๐ญ: Take a clear-eyed look at your income, expenses, and existing commitments to work out how much you can realistically afford to repay. Donโt forget to factor in a buffer for potential rate rises. A quick chat with a broker โ or even an online calculator - can help you lock in a smart price range before you start house hunting.
2๏ธโฃ ๐๐ก๐๐๐ค ๐ฒ๐จ๐ฎ๐ซ ๐๐ซ๐๐๐ข๐ญ ๐ก๐๐๐ฅ๐ญ๐ก: Grab a free copy of your credit report and make sure there are no surprises hiding in there. Fix any errors, clear overdue debts, and try to pay down credit card balances. Steering clear of new loans or credit cards in the lead-up to your application can also strengthen your profile - and potentially help you secure a sharper rate.
3๏ธโฃ ๐๐๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐๐จ๐๐ฎ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐จ๐ซ๐๐๐ซ: Lenders want to see the full picture - that means payslips, bank statements, ID, savings history, and details of any debts. Start pulling together recent documents (typically from the past 3โ6 months) so youโre ready to go when itโs time to apply. A little organisation now can save a lot of stress later.
Getting the groundwork right can mean a smoother application, a faster turnaround - and more confidence as you step into the property market.
๐๐๐ง๐ญ ๐ญ๐จ ๐ ๐๐ญ ๐๐ก๐๐๐ ๐จ๐ ๐ญ๐ก๐ ๐ ๐๐ฆ๐?
Reach out today and letโs start mapping out your next move! ๐ฒ๐ก
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๐๐จ๐ฐ ๐ฅ๐จ๐ง๐ ๐๐จ๐๐ฌ ๐ ๐ก๐จ๐ฆ๐ ๐ฅ๐จ๐๐ง ๐ฉ๐ซ๐-๐๐ฉ๐ฉ๐ซ๐จ๐ฏ๐๐ฅ ๐ฅ๐๐ฌ๐ญ?
Typically, pre-approvals are valid for 3 to 6 months, depending on the lender.
Think of pre-approval as a green light in principle - the lender is essentially saying, โWeโre comfortable lending you up to $X.โ But that green light doesnโt stay on forever. Once the timeframe expires, if you havenโt purchased yet, youโll need to renew or reapply.
If your pre-approval is close to expiring and you're still house hunting, donโt stress - renewing is usually simple. Itโs often just a matter of updating your documents so the lender can confirm nothing major has changed.
Hot tip: Avoid big financial moves during your pre-approval period โ like changing jobs, taking on new debts, or maxing out a credit card โ without speaking to your broker first. It could impact your eligibility and delay your approval.
While pre-approval isnโt a guarantee, itโs a powerful tool. It gives you confidence when making offers, knowing your numbers have already been given the initial tick by the lender.
๐๐๐๐๐ฒ ๐ญ๐จ ๐ก๐จ๐ฎ๐ฌ๐ ๐ก๐ฎ๐ง๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐จ๐ง๐๐ข๐๐๐ง๐๐?
Letโs get your pre-approval sorted โ and give you the edge in a competitive market! ๐ฒ๐ก
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๐ Happy Mother's Day to all the Mums and mother figures out there and a special thought for those who are yet to become mums.
Your impact is immeasurable. Thank you for all that you do ๐
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๐๐๐ง๐ญ ๐ญ๐จ ๐๐จ๐จ๐ฌ๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐๐ก๐๐ง๐๐๐ฌ ๐จ๐ ๐ก๐จ๐ฆ๐ ๐ฅ๐จ๐๐ง ๐๐ฉ๐ฉ๐ซ๐จ๐ฏ๐๐ฅ?
A strong application can be the difference between โnot right nowโ and โwelcome home.โ
Here are three key ways to put your best foot forward:
1๏ธโฃ ๐๐ก๐๐๐ค ๐ฒ๐จ๐ฎ๐ซ ๐๐ซ๐๐๐ข๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ: Your credit score matters โ so take a look, fix any errors, and clear any small debts if you can. A clean report tells lenders youโre low risk.
2๏ธโฃ ๐๐ซ๐จ๐ฐ ๐ฒ๐จ๐ฎ๐ซ ๐๐๐ฉ๐จ๐ฌ๐ข๐ญ: The more you can contribute upfront, the better. It doesnโt have to be huge โ even a little extra savings can improve your borrowing power and show you're financially committed.
3๏ธโฃ ๐๐๐๐ฉ ๐ข๐ญ ๐ฌ๐ญ๐๐๐๐ฒ: Lenders love consistency. Avoid job changes, big purchases or new credit just before applying. A stable income and predictable expenses send the right signals.
๐๐๐๐ ๐ก๐๐ฅ๐ฉ ๐ ๐๐ญ๐ญ๐ข๐ง๐ ๐ก๐จ๐ฆ๐ ๐ฅ๐จ๐๐ง ๐ซ๐๐๐๐ฒ?
Get in touch today โ weโll guide you through every step! ๐ฒ๐ก
#bestinterestbrokers #mortgagebrokers #mortgage #broker #finance #interestrates #homeloans #businessloans #bridgingloans #constructionloans #smsfloans #equipmentfinance #personalloans #refinancing #purchasing #investing #homeownership #lendingexperts #northernbeachesmums #nswproperty #nswrealestate #goldcoastmums #qldrealestate #queenslandhomes #accountants
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Saving for a home deposit can feel tough, but little steps make a big difference. Here are 5 tips to help you reach your goal faster:
- Set a budget and stick to it: Track your income and expenses to see where your money is going. Knowing your spending habits helps you find areas to save (and avoids that end-of-month 'Where did it all go?' panic).
- Automate your savings: Set up an automatic transfer into a separate high-interest savings account every payday. This way, you pay yourself first โ out of sight, out of mind, and steadily growing!
- Trim small luxuries (within reason): You donโt have to give up your daily coffee forever, but cutting back on non essentials can add up. Maybe itโs fewer Uber Eats orders or cancelling an unused subscription โ every $50 a week saved is $2,600 over the course of a year.
- Take advantage of freebies: Check if youโre eligible for first-home buyer grants or schemes. Thatโs essentially free money or concessions that can boost your deposit or reduce your costs.
- Boost your income if possible: Consider a side gig or sell unused items sitting around the house. Every extra dollar counts and can bring your home ownership dream closer.
Stick with these tips and 'future you' will be glad you did!
#bestinterestbrokers #mortgagebrokers #mortgage #broker #finance #interestrates #homeloans #businessloans #bridgingloans #constructionloans #smsfloans #equipmentfinance #personalloans #refinancing #purchasing #investing #homeownership #lendingexperts #northernbeachesmums #nswproperty #nswrealestate #goldcoastmums #qldrealestate #queenslandhomes #accountants
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