In particular we focus on getting the loan structure right the first time, choosing which lenders to use in the right order (yes this is important) and finally getting our clients the best deal possible.
Employment
A borrower's employment details are a major factor that a lender considers in their capacity to repay considerations.
Studies by the Australian Bureau of Statistics show that employment in Australia unexpectedly declined 40,900 to 13.56 million in July 2022, missing market forecasts of a 250000 gain. This was the first drop in employment nine months, amid the winter school holidays, COVID and other illnesses among workers, and further flooding in New South Wales. Employment is very important to getting approved for a home loan. The vast majority of lenders will require a 12-month employment history in your current job before they can consider you for a home loan.
It is essential to show that you can service your home loan repayments and to keep in mind that centrelink payments do not count as income, as well as supplying a deposit of 20%.
Learn MoreWhen you apply for a home loan, lenders look at two of the most important factors: your employment and job stability. Banks need to know how much of your spare income will be taken up by mortgage payments.
What they're seeking for is work stability, which ensures that you'll always have money coming in. Even if you have a higher-than-average monthly salary, your chances of getting approved are minimal if you can't show your job security to your lender.
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