Loan

The lending industry uses the term “genuine savings” to define borrower’s funds deposited over at least three months. It’s as simple as putting your deposit into a savings account, adding to it every month for three months, and then you have genuine savings.  Genuine savings are among the many factors banks and non-bank lenders look […]

Banks and lenders carefully verify various factors to determine your borrowing capacity when applying for a home loan, including your living expenses. When evaluating home loan applications, banks typically use various methods to assess your living expenses. But in reality, each household lives a different lifestyle, and tracking your living expenses may be difficult. That’s […]

If you have applied for a home loan before, then income verification should be like clockwork. Download a few payslips, submit them to your mortgage broker, and have them submitted to your desired lender. But if you’re a first-time home buyer shopping for a home loan, you may wonder how banks verify your income. Income verification is […]

Purchasing your first house is a significant milestone that frequently involves life-changing decisions and adequate financial preparation. Getting your first home may be daunting, but having the right tools and access to guarantee schemes can help ensure a smooth and manageable first home loan. We’ll detail the First Home Guarantee Scheme, including its features, advantages, […]

Preparing the necessary financial and personal documents is key to ensuring that you and the lender make a wise financial decision by engaging in a home loan agreement. In this article, we’ll walk you through the various types of home loan documents you can expect to encounter during the application process.  Understanding these documents will […]

Your credit score is pivotal in determining whether you qualify for a home loan and the terms you’ll receive. In this post, we’ll learn more about what a credit score is, why potential homeowners need to understand them, and how it impacts the approval of your home loan. Why your credit score is important In […]

Homebuyers can benefit from understanding genuine savings and how they can use it to maximise their deposit and apply for better rates. But what exactly are genuine savings, and why do they matter? Let’s dive into genuine savings, exploring what it entails and why it’s vital for your financial journey. Genuine savings: What is it […]

The experience of becoming a homeowner is both thrilling and intimidating for many first time home buyers. After successfully buying your first home, you will eventually accumulate a significant asset that could be useful to you in various ways. Applying for a home equity loan is one way to pursue this.  The value of a […]

If you’ve been shopping for a home loan for the first time, you may have encountered the term pre-approval. Some banks use the term unequivocally, while others use conditional approval and other terms. Let’s take a deep dive into what loan pre-approval is and why prospective homeowners need to grasp it before applying for a […]

If you’re considering purchasing a property, you might have heard the term Loan-To-Value Ratio (LVR). But what is it, and why does it matter? In this post, we’ll look closer at LVR and why it’s important to consider when buying a home.  Loan-to-Value Ratio: In a Nutshell Imagine you’re buying a house or any property […]