How Do I Choose a Mortgage?
In 2022, several mortgage products exist on the market. Lenders have altered the conventional mortgage so that more Australians can become homeowners despite their financial circumstances. The conventional mortgage requires:
- Full financial documentation
- A 20% deposit
- Stellar credit score
After the economic chaos of the 2000s, it became more difficult for Australians to gather all three requirements. Thus, lenders started to offer alternatives such as low doc, bad credit, and low deposit mortgages. When you need to choose a mortgage, it’s easier if you understand your financial position. For example, small business owners, gig workers, and independent contractors benefit from applying for the low doc loan. Our Mortgage House lending specialists understand that this group cannot provide payslips. Instead, you can provide business bank statements, a signed letter from an accountant, and tax returns.
Bad credit mortgages benefit homebuyers who have had missed payments, collections, and closed accounts. However, the homebuyers are well past those situations as opposed to them happening in the last year.
Mortgage House is a non-bank lender. Thus, we focus on matching the best mortgage choice with the appropriate homebuyer. The strategy ensures that the home buyer can receive approval instead of a rejection on the first try.
Choose a Mortgage Conclusion
The best way to choose a mortgage is to examine your financial position. If you cannot provide a 20% deposit or full financial documentation, a mortgage that takes that into account is available to you. Contact our Mortgage lending specialists to explore your options today.