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New Loan Approval Criteria for Home Buyers

June 10, 2014 in Insider Tips, Latest News by admin  |  Comments Off on New Loan Approval Criteria for Home Buyers

Goalposts

The Banks have changed the Goal Posts for Home Buyers with most Banks now requiring borrowers to save a minimum of 10% deposit (previously 5%).

Home Buyers with less than 10% deposit will need to have a VERY STRONG finance application to be considered for approval and may be charged higher interest rates.

The problem faced by those currently applying for Housing Finance is that if the Bank or Mortgage Insurer declines your application you may need to wait up to 6 months before being considered for approval.

WANT TO APPLY FOR A HOME LOAN … TALK WITH OUR MORTGAGE SPECIALIST

Posted in Insider Tips, Latest News.