How To Prepare For Your Gold Coast Home Loan

15 Apr How To Prepare For Your Gold Coast Home Loan

As an Australian looking for a home loan, you’ll be exposed to large volumes of information on the current state of the property market. The news is filled with conflicting stories, which could make you wonder if it’s a good time to apply for one or not. After all, the last thing you want is to struggle to make your payments or make a purchase you regret. As Gold Coast home loan experts, Jade Finance are used to pairing Australians with the perfect home loans for their needs. Here’s what we’ve learnt about preparing for one.

  1. Check Your Credit History

Every Australian is entitled to an annual credit report, and this will show you what lenders look at when you apply to them for financing. Is the information up to date and accurate? Having debt won’t necessarily be a bad thing – and if your report reflects that you make your payments in full every month, this could reflect well on you. If you have any judgements or defaults, you’ll need to settle them and wait at least 12 months so that they clear from your record.

  1. Consolidate Existing Debt

In a perfect world, we’d all be debt free before applying for a home loan. In reality, most of us have a credit card or store account to our names. A good idea would be to apply for a consolidation loan and use this lump sum to settle all your short term debt. Not only will this look better on your credit records, but it will also mean you only have to pay a single fixed amount every month, which could work out to less than what you’d paid in total previously.

  1. Be Honest

Most people feel nervous when applying for a home loan and feel the need to exaggerate their ability to meet repayments or to leave financial disasters out of their history. This wastes your time and that of your lender. Base your financial status on where you are now, and not where you could be if you get a better job or inherit a promised lump sum of money. The more honest and upfront you are, the better loan you’re likely to be offered. You’ll also only be offered ones that you can afford to repay.

These are just a few things you can do to prepare for your Gold Coast home loan application. For more advice on the process, contact Jade Finance for assistance.

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