Want to succeed at your interview and secure that home loan? HomeStart’s John Oliver has these tips to help.
REVEAL all. The amount you owe in credit will impact the amount you can borrow.
Make sure you tell your loan consultant about all of your loans, store cards, credit cards and other debts.
Be sure you mention the credit card you have but never use and don’t assume an old bill you forgot to pay wouldn’t be on your credit record any more.
KEEP it real. Don’t over estimate how much you’ll be able to contribute up front. Find out how much you’ll need for your deposit, fees and charges and be realistic about how you’ll get this amount.
Although you may be keen to get started as soon as you can, don’t be tempted to go into an interview counting on promises from friends or assume family members will kick in funds.
TELL the truth about your employment and income. Make sure you tell your consultant if you are still in your probationary period at work as approval may depend on you successfully completing this.
Also, let them know if your total income estimate is based on bonuses or overtime as not all types of income are accepted.
BRING everything you need. Before your interview, ask your loan consultant what you will need to bring to support your claims and have these ready to go as this will save you time and make the process easier.
If you are not sure what you should bring, ask your loan consultant— they are there to help so don’t be shy about asking for their assistance.
BE positive. If you need to wait while you save more for your deposit or complete your probation period, be positive and keep saving towards your goal as this could have the added benefit of counting as evidence of ‘genuine savings’ and go in your favour when you reapply for the loan.