Mortgage Broker Gold Coast, How Much Deposit do I Need to Buy a House

When applying for a Home or Car loan, not even your dinner is safe from scrutiny.

Personal spending habits on things like clothes, holidays, and takeaway food are becoming under scrutiny when a bank considers your loan application. Banks are now looking at bank statements to see how often you order Uber Eats, how much you spend on shoes and if you make a habit of putting on a bet at the races.

The process is made tricky with technology changing the game. People don’t use cash anymore, and everything can be tracked when you use a debit card, a credit card or even Apple Pay.

So when applying for a loan it’s important to keep in mind that someone is watching before making a purchase. Everything you do & spend will be analysed during the application process.

Here are 5 simple steps  that will help you increase your chances of getting a Loan:

If you’re buying a home or paying off a mortgage, your interest rate matters. After all, if interest rates go up, you could be paying more for your mortgage. If they go down, you’ll have more money in your pocket and may be able to afford to borrow more or pay your mortgage down faster.

So what are interest rates likely to do next?  And will this affect you? 

 

Comprehensive Credit Reporting (CCR) is a change to credit reporting by banks in Australia.  

Previously, negative credit reporting was the system Australia operated under, which was based around only making a note of negative credit events such as missed repayments or defaults, bankruptcies and court judgments.

Under the new CCR, your credit report will become more detailed and will show a more complete & clearer picture of your credit history.