How many hoops do you need to jump to get a loan?
Anyone who has gone through the process of applying for a loan within the last 6 - 12 months knows that much is required of you, as the purchaser, to support your application for a home loan.
Without a doubt, when confronted with the amount of information required from home loan customers it can be daunting, ranging from months of statements on every account held to justifying living expenses right down to the nitty gritty.
Persist however and your home loan interest rate could be as low as high 1% to 2%. Ask any customer who has saved hundreds of dollars per month in repayments and they will always say it is worth it.
The most important thing when thinking about applying for a home loan is to get your documents in order and know intimately your finances. Really try to understand where your money goes each month, have access to your payslips, have your tax up to date.
Change could be a foot with the government currently debating laws to ultimately allow customers to more easily get a home loan. What will change is the onus will shift to the customer taking responsibility for what they put up to the bank.
Lenders will still have their checks and balances to assess you however if this legislation is passed the process will be easier for home loan customers than what many perceive it to currently be.
We will all wait with baited breath to see if this comes to pass. Regardless of the outcome, the better you understand your financial situation when thinking of getting a home loan, the better your broker will be able to assist you in getting the outcome you are hoping for. And that is what we all want.