Home Loan Pre-Approval
Before choosing a home you should have a Pre-Approval
Home loan pre-approval benefits
While most people may see most home loans as being similar, there is a large variance in lenders policy requirements. For example, different ways lenders assess income, overtime, contract payments, rental income, depreciation etc. This can all give a different result to your home loan application.
Even with deposits, some lenders require genuine savings. What is genuine savings? Genuine savings would be viewed as 5% on the purchase price in a savings account for 3 months.
Others lenders may accept good rental history as genuine savings. Other forms of acceptable savings history may be repayments of personal loans, assets in other investments, family loans etc as proof of savings.
Knowing your exact position on these factors enables Your Home Loan Consultant the ability to help you choose the most suitable lender for your individual needs.