If you’re currently in the market for a new home or planning a purchase soon, you might be a little concerned about recent news reports. Reports (such as this one) about lenders tightening up lending policies and applying more scrutiny to home loan applications.
The banks (especially the big 4) have had their lending procedures examined very closely by the recent banking royal commission, and unfortunately for them, were shown to be coming up quite short when it came to verifying information that was being submitted by applicants around living expenses or current commitments. As a result, they have implemented policies and procedures to be more thorough in checking these details in the future.
While these changes may impact potential borrowers who are relying on false or misleading information to qualify for a higher loan amount, the majority of borrowers will see no effect on the amount that they will be able to borrow.
This is where dealing with a mortgage broker can help. Mikael from Fresh Home Loans will take the time in your initial consultation to go through your options. You will cover borrowing capacity, current expenses and your ongoing commitments. Ensuring that you are aware of what you can afford to borrow from the outset, and helping you avoid any disappointing adjustments after you’ve found your dream home.
If you still have queries about using a mortgage broker – this helpful guide can help you.
Mikael has helped a range of buyers for us in the past. First home buyers, families looking to move into a larger home for their growing family even downsizers. He is happy to come to you, either to your home or you can meet at work if it suits you.
You will find you have more options presented to you after your initial consult with Mikael – and then he will do all the legwork. More time for you to get on with life.
To get a fully qualified picture of what your options are, contact Mikael on 0421 242 125 or [email protected] to arrange an obligation free consultation.
