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Canstar - Helping you get your application approved

Finding out if you qualify for a home loan and making sure your application is approved

To improve your chances of having your home loan application approved there are things that you can do to make your application look more appealing to potential lenders.

Improve your chances by:

• Make sure that you show your ability to repay the loan
• Get a copy of your credit report and make sure that there are no mistakes on it that need to be rectified
• Don’t list unnecessary expenses on your application
• Make sure you can prove you have a sound financial background and a strong history of saving
• Show that you have a credit safety net in place
• Only apply for one quick cash loan at a time
• You will need to prove that you have a good job and a stable income

Can you afford a loan

The easiest way to have your loan application approved is to prove your ability to repay your loan easily. The lender will determine how risky it would be to loan you money. The riskier it will be, the more money you will be charged to secure your loan.

You need to prove to the lender that you have enough money to repay your loan and that you have a good handle on any debt that you may need to pay off. Always make sure that you know your credit rating and what is recorded on your credit report. If you access your credit report before a lender does you can make sure that you can rectify any mistakes while you still have a chance and contact the company so they can correct it.

Personal debt can be a problem

If you have a lot of different financial commitments and lots of unpaid personal debts this might negatively impact your loan application. If you have applied for a lot of different personal or short-term loans previously then this could also affect your chances.

If you have credit cards the outstanding amount is calculated on the maximum limit that the credit card has and not on how much you have spent on the card. Make sure that you cancel any credit cards or store cards that you aren’t using before you apply for a loan. If your credit card has the option of decreasing the limit then decrease it as much as possible to improve your chances.

Show you are savvy with saving

People that are able to save are normally better with money if you show that you have the ability to save lenders are more likely to say yes to your loan application.

Your saving should make up at least 5% of the purchase price of your home. Having a safety net in place in case you lose your job will help convince lenders that you are serious about paying off your home loan and you will be seen as less of a risk.