Powered by momentummedia
nestegg logo
Powered by momentummedia
nestegg logo
nestegg logo

Invest

8 tips to boost your chances of getting a loan

By Cameron Micallef · June 19 2019
Reading:
egg
egg
egg
Rodd Attrrill

8 tips to boost your chances of getting a loan

author image
By Cameron Micallef · June 19 2019
Reading:
egg
egg
egg
Rodd Attrrill

Finance is cheap, but even with banks loosening their criteria, it’s still tough to get credit. Here’s how you can maximise your chances of getting a loan this year.

Comparison service Compare the Market’s general manager, Rod Attrill, has come up with a handy guide to ensure investors get the capital they desire.

“There have been some positive signs for potential mortgage holders coming about, especially as we begin to see housing prices fall and interest rates cut. However, consumers need to be aware of what they will need beyond a deposit, in order to obtain a mortgage right now,” Mr Attrill said.

1. Ensure spending and saving patterns indicate to a lender that you can comfortably meet a regular repayment amount, at minimum on a monthly basis.

2. Review discretionary spending, such as “buy now, pay later” retail purchases, entertainment spending and frequent restaurant transactions. At least six months before applying for a home loan, do a budget check-up to reduce this spending.

Advertisement
Advertisement

3. Reduce debt. Banks see credit card limits as debt, so if you have a card with $10,000 dollars and $0 balance, it is still seen as $10,000 debt.

4. Showcase good patterns of spending by regularly depositing into a savings account.

5. Look beyond the big four banks, as some of the smaller lenders will offer more competitive rates.

6. Consolidate debts; meaning if you have more than two credit cards, consolidate.

7. Be realistic about the property you’re after by keeping the potential debt at an affordable level.

8. Compare lenders and look for features such as a competitive rate, refinancing options and reduced fees.

This email address is being protected from spambots. You need JavaScript enabled to view it.

8 tips to boost your chances of getting a loan
Rodd Attrrill
nestegg logo

Forward this article to a friend. Follow us on Linkedin. Join us on Facebook. Find us on Twitter for the latest updates
Rate the article
author image

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

About the author

Cameron is a journalist for Momentum Media's nestegg. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leveraging their insights to grow your portfolio.

Join The Nest Egg community

We Translate Complicated Financial Jargon Into Easy-To-Understand Information For Australians

Your email address will be shared with nestegg and subject to our Privacy Policy

From the web

Recommended by Spike Native Network

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Copyright © 2019 MOMENTUM MEDIA