03 Aug 2021

Realistic Qualifying Criteria

Partner with Mortgage House: The Process Steps to Follow

Lenders have their own qualifying criteria they use to determine whether or not to approve a borrower for a mortgage. While some lenders have stricter standards than others, in general, the following guidelines are followed.


Qualifying Criteria Required by Lenders

  • Lenders prefer borrowers between 18 and 55 years of age.
  • Lenders prefer permanent residents, but exceptions may be made, especially if you are a non-resident married to an Australian citizen.
  • Your status. That is, are you borrowing as an individual, company, or trustee of a trust? Individuals have an easier time borrowing for home loans than a company or trust. 
  • Lenders want you to have a stable income. If you are a PAYG employee, it’s easy for you to prove your income, and more lenders will be willing to approve your application.
  • Lenders will also assess your income, credit score, expenses, assets, liabilities, and the amount of your deposit to determine your eligibility. They will want a secure, steady income, a good credit score, few expenses, a lot of assets, limited liabilities, and at least a 20% deposit. 
  • Lastly, they will assess your risk by factoring in the amount you are borrowing, the location of the property, and the reason you are buying the property. 


Applying for a home loan is challenging, especially with lenders having different criteria for their borrowers. As times change and more people become self-employed with non-traditional income sources, some of these qualifying criteria become unrealistic. At Mortgage House, we use realistic qualifying criteria to make it easier to secure a home loan in these changing times. We also assess your situation as a whole to get a clear picture of your financial status to help you find a mortgage that works for you. 

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