3. Keep your savings as your savings.
Having a separate savings account for your savings and ensuring you don’t take money out not only evidences you are capable of saving but can be quite helpful if your mortgage payment is equal to or higher than what you may currently be paying in rent. Regular savings you can leave alone shows that additional expenses that come with home ownership like rates and insurances, property maintenance etc have a better likelihood of being met without putting stress on your finances.
You are better to transfer regular smaller amounts to your account and leave it there (then once in a while make extra deposits) than to move a lot of money in then take it out throughout the month as you need some of it. Some lenders do not consider this “genuine savings” if money is going in and out of the same account.
4. If you change jobs keep a couple of pay slips from your previous job.
You may have a legitimate reason for changing but having 2 or 3 jobs in a short period can look like you are unstable. Having a couple of pay slips may go along way in assisting your broker to evidence on your behalf that the change in job was financially better for you. This in turn removes any concern of job instability.
5. Keep statements for completed hire purchase or personal loans.
Offer them to your bank or broker when you apply for your loan. This shows you have met your past obligations. These are particularly great if they show additional payments to reduce the debt faster.
These are just a few ideas that can strengthen your position and make you a stronger candidate for the banks money. A lender doesn’t want to rely on selling the property as their way of getting their money back so the more you can do to illustrate you are the right candidate for their money the better your opportunity.
If we can be of help simply contact us and lets see how we can help. If you don’t have a budget in place and are thinking its time to get serious then have a look at our Money Planner. We designed this to not only add up the numbers but provide you tips on what to focus on as you keep progressing forward. Check it out!!