Getting A Mortgage SydneyTo gain approval for a mortgage you will need to show your income, your savings record and your expenses. Lenders will asses your situation to see if you qualify for a home loan, and to see how much you can borrow. Due to the global financial crisis, many lenders have tightened their lending criteria, and have stopped offering no deposit home loans. Home lending has certainly got tougher in recent months, nut it's reassuring to know that if you qualify, lower interest rates are making it more affordable to buy property. House prices are lower and interest rates have fallen by around 4 per cent in the past few months. 
Credit ScoreMost lenders use a credit scoring system. Don’t be put off be worried by it, it’s in place to protect you both and ensure that you only borrow what you can afford.
If your weighted score passes a level pre-determined by the lender you are usually given pre-approval, subject to the property you wish to purchase passing its valuation test.
What lenders look at:
- previous loan applications
- overdue accounts
- defaults
- bankruptcy information
Property ValuationAll home loan approvals are subject to the property valuation. The loan will most likely be 'conditional' until this is completed. Once the lender receives the report, they will check that the valuation is within the parameters of the conditional approval amount. If it is, then the loan becomes unconditional and you are now fully approved. Keep a copy of your application and any attachments for any future reference.
Personal IDGenerally, you will need proof of your income, residence, savings and identity. Although no-documentation loans and low-doc loans require limited or no proof of income, proof of identity is non negotiable, and is required on all home loans.
Your Credit ProfileYour credit history will be assessed and taken into account. Your credit profile is made up of your personal details, credit applications from the previous five years, overdue accounts, bankruptcy information and public record information.
Home loan approvals usually take around two weeks, however this time frame can vary greatly depending on whether business is quiet or in high demand. If the business is quiet, you may get approval within a few days.
However, if demand is high at the time you apply, you can expect to wait up to six weeks. If you choose to use a Mortgage Broker, they will usually be able to assist with this process and help deliver faster results.
Because gaining approval is now harder than before, talking to a mortgage broker is the safest way to put put yourself in the best light. Mortgage brokers deal with mortgages, talk to lenders and secure loans for homebuyers every day. So a good broker can work wonders for you when it comes to gaining approval.
Our mortgage brokers are trained and experienced is securing great home loans for all types of properties. So, for more information and assistance with applying for a home loan, talk to a local mortgage broker. You can call us on  or submit your details on line:
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Sydney Home Loans
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No longer just a basic home loan. Full features like redraw, all at low interest rates. |
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Make life easier with a single monthly repayment. |
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New low interest rates are now on the market. Time to refinance and save.
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Don't be penalised just because you run a successful small business. Be treated as an equal here.
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Access the equity in your home to buy investments, fund home improvements or take that once-in-a-lifetime holiday.
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Introductory or honeymoon home loans can have some of the lowest interest rates around.
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