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Why Pre-Approved Home Loans Are Vital

Why Seeking Pre-Approved Home Loans In Australia Is Vital

Getting a new home or your very first home can be an overly exciting experience. However, when it comes to obtaining a loan, it can feel like a gigantic task. You want to first start out by seeking pre-approvals for home loans in Australia for many reasons.

Seeking a pre-approval from a lender will allow you to understand a few different things. The most important is what your spend limit is on a new home. The lender will be able to give you the cap limit that they will allow you to borrow, which will then become the maximum amount you can spend on any property you’re thinking about buying. This takes a lot of the headache out of the home buying process for many. When you know what your price range is, you can start to narrow down your home options to find one that fits your budget and your liking.

Most home sellers won’t even consider you as being a serious buyer until you’ve got a pre-approval notice. This brings a powerful statement that says you’re ready to buy and you have the ability to obtain home loans in Australia for the amount specified on the pre-approval sheet. Think about it like this for a moment. If you’re trying to sell your home, do you want to work with a buyer who says they would like to buy your home or a buyer that not only shows interest but has the supporting financial documents showing they’re able to financially afford your home? The answer is pretty simple for many.

The idea of applying for home loans in Australia can be nerve-wracking. You face this fear of not getting approved or getting approved for a low amount. The reality is that you really won’t know until you speak with a lender. It’s best to find out where you stand with Home Loans Calculator. You may even be surprised to find that you may be approved for some home loans in Australia that are at a higher amount than you initially thought. You may also find that you’re not approved for the amount you desire. This allows you the peace of mind to know what you need to change financially to get approved for loans in the future. It’s best to have a clear idea of where you’re at and what you can actually afford.

Lastly, when you seek pre-approval on home loans in Australia, you will regain a new confidence with lenders. You’re suddenly going to want to shop around with various lenders to find the best rate you possibly can. When you have the pre-approval paper, you have a bargaining chip that can be used with other lenders to negotiate interest fees.

Seeking out pre-approvals on Home Loan in Australia is something that every potential home buyer should do. They give you an idea of where you stand financially, they let you know how much house you can afford, they become your bargaining chip with other lenders, and they show you’re serious to home sellers. Don’t make the mistake of skipping over this step as it could lead to major heartache in the future when you’re not approved for a loan on a property you’ve fallen in love with.

Qualifying for Australian Home Loans

How to Qualify for Most Home Loans in Australia

It’s hard not to feel overwhelmed as a first time buyer in the current Australian housing market. In this day and age, an enormous amount of preparation and analysis goes into assessing and approving buyers for home loans in Australia. For those who aren’t familiar with the process, this can be a daunting process. If you’re just dipping your toes in the market and loan process for the first time, this guide can help you improve your odds for approval.

These are seven factors lenders examine before determining how to handle a borrower’s application for home loans in Australia.
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1. Size of deposit. As a rule of thumb, it’s a good idea to offer the largest deposit possible on the home in question. When a lender sees a large deposit offer, they assess the borrower at a lower risk. This increases your odds for approval.

2. Financial situation. Lenders are also especially interested in how you earn money, and whether you’ll be able to consistently make payments on your mortgage over a long term. Self-employed borrowers tend to be viewed as high risk, as well as those who use investing as their primary money-making strategy. Lenders like to see stability.

3. Credit score. This seems like a no-brainer, but it matters more than you’d think. A decent credit score is crucial for home loans in Australia. Of course, some lenders will also sometimes accept applicants with bad/no credit history but it’s a good idea to nurture your credit history a bit before starting the application process for Home Loan.

4. Current open balances. Even though open balances, such as phone plans or cable television subscriptions, don’t negatively affect credit as long as they’re being paid on time, lenders still want to know about them. If you’re seen as having too many open balances (or current debts) at once, they might question your ability to balance them with a mortgage payment. Try to close as many un-needed open balances before considering applying for home loans in Australia.

5. Your source(s) of income. Simply put, a low income will increase your odds for denial on a mortgage application. Lenders simply want you to be able to comfortably make payments on your home so that all parties can have peace of mind.

6. The home’s value. Home loans in Australia tend to get more complex and harder to obtain with Home Loans Calculator.
This is because there is simply more risk on the line for both the lender and buyer. Be sure to choose a home that’s within your means and budget.

7. Your age. Lastly, there are certain risks that lenders and banks use to assess applicants in accordance with their ages. For example, younger borrowers tend to have more longevity when it comes to earning money, compared to older people. This is how age is often take into consideration when lenders process applications for home loans in Australia.

Australian Home Loan Tips

Tips on Australian Home loans

One of the challenges faced by first time home buyers revolves around home financing. There is lots of uncertainty when you are considering taking out a home loan. There is a lot to choose from when it comes to Australia home loans. Your primary objective is to tip the odds in your favour so that you can get a loan approved fast. Here are key tips on Australian home loans to get you approved faster.

Create a budget

Home buying has huge cost implications. It is best to draft a budget before approaching lenders. Once you create a budget, you need to stick to it. Give yourself at least six months to establish whether you have the financial discipline to pay your loan. After this period, you can review your budget to ascertain whether it is realistic or you need to make adjustments. When creating a budget, you also need to decide on the limits. You can use a mortgage repayment calculator with the help of a real estate agent. The budget also needs to factor in upfront costs.

Keep your bank details in order

Australian home loans lenders will scrutinize your bank details before approving you for a Home Loans. As such, you need to ensure that your bank details portray you as a financially responsible person. This means that you need to take care of any late payments. Also, ensure that you do not overdraw during this period. Lenders may also ask for bank statements dating back to 6 months or even one year. It is also important to ensure that your tax information is up to date.

Pay debts and avoid taking new ones

While the lender will not expect you to have a zero balance on the credit cards, it is best to clear most of your debts. The amount you owe in debts have a huge impact your Australian home loans approval. Lenders use a debt to income ratio when approving mortgages. A high ratio can be turned down. Ideally, lenders insist that your debt obligations should not go beyond 36 percent of your total income. Your aim should be to ensure that your debt to income ratio remains low.

Save money before taking out a loan

The general requirement when applying for an Australian home loans is to make a down payment. You are likely to be turned down for a loan if you walk into a lenders office with no cash. While the housing sector in Australia is improving, lenders are still cautious, and many will not approve loans without a deposit. The minimum deposit amount differs from one lender to another. However, the industry trend among many Australian home loans providers is that most insist on a minimum of 3.5 percent as down payment. It is best to aim for a higher down payment. A higher deposit can reduce your mortgage balance and eliminate the need for private mortgage insurance.

The above tips on Australian home loans can make an otherwise complicated and strenuous home loan approval process much smoother.