I want a home loan now
Why do some people wait until the last minute to do stuff? Important stuff. Stuff that will make a big impact on their life, their future.
Getting a home loan is not something to be taken lightly. And for most people it is a considered process. But for some – it seems to be expected, almost their right. And when things don’t go their way – they often are left angry at the banks, the system and in some cases the broker.
Basically getting a home loan is a business transaction. You need to prove to a business (bank or lender) that you are worthy of borrowing a large amount of money for a long period of time. That you can afford to pay it back. That you can prove that you can afford to pay it back. That you have a good history of credit dealings with other businesses (credit cards, personal loans, phone, power etc) to show the bank that you are worthy of support. This is your credit report and can be obtained on-line to see what if any impact it will have on you being successful in an application for a home loan.
You also need to have a minimum deposit – or supporting collateral (such as equity in another property – or a family guarantee) to make sure that in the event you miss payments and the bank needs to sell the property to get their money back – that there is enough equity in the mix to do that.
So before you start looking at homes to buy or place an offer on a property, it would be a good idea to check out how likely you would be in getting a home loan approved. What your repayments will be and the other relative costs to be aware of in your family monthly budget.
Drop us a line or give us a call and we can give you some idea of the next steps to take, and/or some direction in planning to get into your home nowish.
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.
