Mortgage approval tips for ‘First home buyers’

Simply having a large deposit or a great income doesn’t always guarantee you success of an approval. Lenders still place a lot of weight on “Financial Character”, it’s not simply a case of whether you can afford the repayment.

Often this can become the difference between the bank lending their money to you rather than the next person.

I recommend first home buyers treat your loan application in the same manner they would treat an application for that job they want so badly. Banks often have limited levels of lending they can approve particularly in the lower deposit space so you may well be competing for money.

For some lenders it is no longer just about whether you can afford the repayment, it’s also a question of whether they want you as their customer or would prefer one of the other applicants.

Here’s a few ways to polish up your application to give you the best chance.