MELBOURNE, Australia, March 08, 2022 (GLOBE NEWSWIRE) — In today’s market, the road to home ownership can be long and many first-time buyers struggle to break into the market. However, planning ahead may be the secret to home loan success, says Liberty.
While some house hunters would like to accelerate their dreams of buying a home, Liberty says it’s important for borrowers to do their due diligence. For some, that might mean saving for a sufficient home loan deposit, while for others, it might mean taking the time to put their finances in order.
According to consumer communications manager Heidi Armstrong, Liberty works closely with clients looking to buy property and understands the challenges many face. “We support homebuyers at every stage of their real estate journey – and those who take the time to prepare financially tend to get the best results.”
When the time comes to ensure a home loan, some buyers only focus on saving for a deposit, but there’s a lot more that goes into a credit check. In addition to your income, expenses, assets, and liabilities, a lender will also consider recent loan applications, credit card limits, and other short-term debt.
In particular, multiple credit applications and short-term debts such as Buy Now Pay Later (BNPL) services can raise questions, as they may suggest that the borrower may be struggling with cash flow management.
Armstrong says paying off small debts and reducing credit limits and the use of BNPL can have many benefits for those looking for a home loan. “It’s never too early to start planning for the future, but if you’re thinking of applying for a home loan in the next six to twelve months, now is the time to act.”
With a thorough understanding of what lenders are looking for, a mortgage broker such as a Freedom Advisor can help borrowers prepare and guide them through the application process.
Approved candidates only. Lending criteria apply. Taxes and fees are payable. Liberty Financial Pty Ltd ACN 077 248 983 and Secure Funding Pty Ltd ABN 25 081 982 872 Australian Credit License 388133, trading together as Liberty Financial.
Group Leader – Consumer Communications
Phone. : +61 3 8635 8888
Image 1: Home loans
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