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WHAT CLIENTS ASK THE MOST
How to get a home loan?
Generally speaking, the process of getting a home loan involves comparing your options, working out how much you can afford to borrow for the property you want to buy, and then applying for a specific home loan – either directly to the lender of your choice or indirectly, via a mortgage broker.
If the lender approves your application and agrees to lend you the money you requested, it will offer this money to you in the form of a home loan.
You will then need to pay back the loan over time, in line with the lender’s terms and conditions.
How much can I borrow for a home loan?
The amount of money you are able to borrow for a home loan will depend on your personal financial circumstances, as well as the loan provider you choose and its lending policies.
You may be able to borrow more or less money depending on the lender’s assessment of your circumstances, which could include your credit score.
How much money do I need for a deposit?
The exact amount of money you need for a deposit will vary depending on the value of the property. With most lenders you will need at least 5% of the purchase price, however to avoid paying for Lender’s Mortgage Insurance you will need at least 20% of the property's value.
What documents are needed to apply a loan?
Generally your lender will require personal identification, proof of income, bank statements, and tax returns to verify your personal situation, expenses and income. These may vary from lender to lender. Being prepared with your documents can ensure a quicker loan application.