How Do I Apply For A Home Loan?
Home loans can be a daunting thing to do, especially for first time home buyers, or people who have never dealt with banks before. A home loan is a debt that you will be repaying over the next 20-30 years. So before you sign on the dotted line, make sure you do the following:
Ask for Advice
You surely have plenty of friends and family who are more experienced than you, are older than you, and more importantly (in this scenario), have taken bank loans and various home loans or mortgages before. And while they have good intentions – often they are misguided. Talk to them and listen to the mistakes they have made – but as you would go to a lawyer for legal advice or an accountant for tax advice – you need to get qualified credit or mortgage advice that is specific to your situation.
Check Reviews
There are multiple websites, forums, message boards, review sites and even financial magazines that will have professional, expert opinions on the various banks and various home loans they offer. But personal opinions from people on the street, such as yourself speak volumes. Independent forums such as True Local or a business Google Plus page have reviews that are placed by clients who have experienced the service offered by mortgage providers or mortgage brokers in your local area.
Move on to the Actual Application
Australia has many banks offering many home loans, and all their application procedures can differ significantly. However, one thing that will generally stay the same is the type of information the lender will require. But paperwork is paperwork and it is often easier to get someone who knows their way around the applications and provide consultancy services for you. Your credit score rating can be affected if you apply for loans that are not approved or you apply for too many applications over a period of time. A professional mortgage adviser will be able to give you advice on the lender that will be appropriate for you and make sure that any application is likely to be approved.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
