4 things I notice about the banks right now...
Are you looking for a home loan? Times have changed and there are things you need to realise if you are going to secure the finance you need.
1. It’s harder to get approvals through with the banks
More than ever right now, when you submit your home loan application to the bank you need to expect that you are going to have to provide more documents than you have in the past to justify your loan. The banks are more pedantic and the process is more onerous. Don’t take offence at it. It’s just the way it is. Be prepared.
2. It’s going to take longer
Chances are even if you have a relatively straight forward loan it is likely to take longer for the banks to assess than they have in the past. You need to allow more time. Plan for this.
3. They want to know more about you
It is likely you will need to prove your living expenses. The banks need to show that they aren’t putting you in a loan that you can’t afford. Many banks now need to see evidence of your expenses. This means statements. Or they need you to fully outline your budget and cash-flow when you apply, right down to the nitty gritty. Know what you spend.
4. You are going to need help
With everything that the banks now require from you, you need someone to decipher it. You need someone to know how to put your loan up where it will get accepted. You need someone to stand up and negotiate for you especially if you don’t get the result you want right away. Call me.
Ring: 0438 010 477
Authorised Mortgage Consultant - The Edge Mortgage Consultants