How to maximise your chances of getting your loan approved?

To ensure that your loan gets approved, here are five factors you need to take note of.

Quality supporting documents

The better quality and more up to date your supporting documents, the better chances to have your loan approved. This information includes your ID, payslips, tax returns, financial statements, home loan statements, savings statements, rental statements and other information about yourself and your property.

Digital signing tools

You should get familiar with uploading your supporting documents through secure online portals or digital means, as well as use any e-signing tools.

Being upfront with your scenario

As your broker we write detailed notes in the loan application that explain your story in the best possible light. So in turn we ask that you be upfront and honest about anything peculiar about your scenario so that we can decide how to explain your situation early on

Being prompt to make decisions

We find clients who successfully buy their next home are quick to respond to information requests from the bank and are prompt to make decisions once presented with a recommendation and the date the decision is due.

Having a conservative bias

This means asking for a higher pre-approval amount but allowing for a safety buffer and sticking within those limits. It also helps to give yourself a buffer of time such as negotiating a longer cooling off period or settlement dates.

Once you have finance pre-approved, you can then bid with confidence whether at an auction or a private treaty.