30 Sep 2021
Development Finance Mortgage House
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Will buying a house improve your chances of getting approved for a home loan than buying an apartment or a brand-new house and loan package?
Residential home loans can be used to purchase houses, townhouses, apartments, duplexes, investment properties, vacant land and the construction of a home. So the good news is that your choice of property is not the main influencer of the Lender’s decision.
Lenders take into account a number of factors when deciding whether to approve or reject a home loan application.
In Australia, Lenders follow strict legislative requirements to reduce the risk for both themselves and the borrower. They can only lend as much as they reasonably expect the borrower can afford to repay. They also cannot lend you more than the value of the home because if the loan goes bad they need to be able to get their money back.
That’s why, a number of factors are taken into account before making a decision, not just the particular property you are buying. These could include:
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage.