APPLYING FOR FINANCE: 6 TIPS TO HELP GET APPROVED
September 14, 2020
With the generous government grants available, there has never been a better time to buy a home, here are some quick tips to help prepare for applying for finance:
- Complete a credit check on yourself to make sure you have a good credit rating: these are free and you can apply here.
- Ensure good spending habits that show you can afford to service the loan. Note: Lenders will assess 3 – 6 months of discretionary spending habits by reviewing your bank statements, there will be no secrets
- Clear your credit card debt and personal loans .
- Reduce credit limits on any credit cards, buy now pay later providers and store credit cards.
- Establish a regular savings habit.
- Save at least a 5% deposit.
Remember not to buy out of your budget, focus on being able to create equity in your home.
Read Our Other Articles
Househunters flocking to the city of Adelaide
The city of Adelaide is the state’s most sought-after location in South Australia with 943 property sales recently recorded...
Investors embracing Perth’s potential growth
More than 60% of investors believe that Perth has the highest growth potential of any market in Australia over...
AUSTRALIA HITS GOLD PRODUCTION MILESTONE
Australia’s gold production hit a record high milestone producing 328 tonnes in the first six months of this year...
Australia’s household wealth hits $1m for the first time
Superannuation and rising property values have worked hand in hand to drive Australia’s average household wealth past the $1...
IS NOW THE RIGHT TIME TO BUY A NEW PROPERTY?
Have you been considering the purchase of a property, either as an owner-occupier or as an investor, but unsure...
DevelopmentWA to drive WA’s future
The new State Government’s powerful entity “DevelopmentWA” is set to deliver over $3.8 billion in new projects next year...
Griffin at Realestate.com.au Market Update event
Griffin Group’s Marketing team attended a Realestate.com.au Market Update event last week which explored the subtle but notable changes...
Kings Park ranked by Vogue as one of the world’s top parks
Vogue magazine ranked Kings Park as one of the world’s greatest city parks, placing Perth among famous destinations...
PROPERTY & ECONOMIC UPDATE
Read the latest thoughts from Griffin’s Founder and CEO, Greg Devine
RBA predicts strong economic recovery for Australia
A stronger than expected economic recovery is on the cards for Australia if the nation’s successful containment of COVID-19...
