We all want to own our dream home, a personal asset to create memories in, share a life with a loved one or start a family in but for many people on the Gold Coast, buying a home can be difficult, especially without getting good advice on financing options needed to secure your asset. You need to think about the home you deem ideal as well as that unavoidable home loan. As much as you’d like to have that luxury home, you first need to make sure that you qualify for an appropriate home loan.
Home loan finance lenders on the Gold Coast will first need to assess whether you will be able to make repayments. In order to determine you as a home loan candidate, lenders need to look at your earnings, expenses, savings, your work profile, your financial standing and repayment history on loans you might have taken previously. A bad credit score or poor payment history are often what stands between you and getting that dream home.
Here are our top tips on getting home loan finance:
Tip #1: Make Sure You Have A Good Credit Score
Your credit score will always form the foundation of any loan you want to take. A good credit score makes the home loan application process much easier. You need to have a consistent, good repayment record on equated monthly instalments (EMI) and on any credit card payments. With any reliable credit bureau, your credit records will be prepared and maintained and thus can be shared with banks and lenders whenever financing providers make an inquiry. The higher your credit score, the better your chances of getting approved plan for a home loan finance on the Gold Coast.
Note: Make sure you check your credit score every six to twelve months before approaching a lender for a home loan.
Tip #2: Prepare All Your Documents For A Home Loan
It will be in your best interest to ensure that you know and understand all the documents required before applying for a home loan. Make sure that you have all that is required when approaching a financing institution. Some of the documents include, but are not limited to:
Up to date identification with at least one photographic document
Recent payslips (for PAYG income earners)
Income Tax Returns for a period of the past 2 years (for self employed)
Bank Statements for minimum of 3 months for your main transaction account, plus any account that has your deposit funds
Bank Statements for 3 months with up to date transactions and balances for any credit cards, personal loans and other credit facilities
iCredit has been built its reputation as a premier home loan broker on providing tailored advice specific to your individual needs and requirements to get the best outcome for you. If you’re looking for a home loan to help purchase that dream home or investment property on the Gold Coast or around Australia, get in touch with our team today!