Applying for a home loan can be scary; no wait – it can be downright terrifying! More and more people consider putting their applications off each year than actually apply and that’s a ridiculous fact to think about. Sure, there can be a bit of an advantage to leaving an application for another couple of years (especially when it comes to adding a little extra to your deposit).
But why would you want to wait to buy your first home, especially if the only thing making you apprehensive is the process itself? There are several things that you can do to make your life easier, whilst minimising your stress levels in the process. Here are a few of these methods for your enjoyment – and when using them, we have no doubt that you will soon start to feel a little more reassured about your entire application!
Have you considered hiring a mortgage broker in Melbourne?
For those of you in Melbourne, or hoping to move to the stunning location – there’s no better expert to hire than a friendly and local broker. These experts often work with many of the region’s leading banks – and even those that don’t can have access to a range of great deals and discounts. They should be the first port of call for those hoping to maximise their chances of mortgage approval.
How good do your finances look?
Have you taken the time to properly prepare your financial documentation ready for your application? If you work for a company and can demonstrate consistent earning, then be sure to get a printed document showcasing your regular income. If you work for yourself, why not have your bookkeeper prepare a statement of accounts on your behalf? You could even apply if you’ve only been earning for 12 months – but you will need a 2 year projection to support your claim.
Are you properly prepared?
It’s not just about documentation and hiring a mortgage broker – a lot of the preparatory process involves readying yourself for what’s ahead on a mental and emotional level. Get to know as much as you can about the processes involved, learn about interest rates and take the time to reassure yourself. You’ll soon start to realise that the entire endeavour is nowhere near as scary as you thought.