Buying property in a Covid world
Covid 19. A word we wake up to every day. That is spoken about in every conversation. That has impacted every part of our lives. That has changed our lives. But has it stopped banks from lending to Aussie's who want to buy a property?
'The banks are open for business'. It is true, the banks are still lending, rates are very low and some lenders are offering incentives for customers to finance through them. You can get a home loan in this Covid 19 market and what that is very competitive at that.
What you do need to understand if you are going to buy a property, it must be shown that you will not be disadvantaged to take our a loan right now. So what does that mean?
Is your job secure?
Are you on Job Keeper?
Have your hours or wage reduced in the last few months?
What is your capacity to meet your living expenses?
Is the outlook for your job positive?
Depending on your answers to these questions, irrespective of what rate and deal is on offer by the bank, your personal situation will directly determine whether your loan will be approved.
Look after yourselves. Get the right information. Ask the right questions and seek the advice and help of a mortgage broker. Go into a purchase with the peace of mind that you know exactly where you stand.