Financial Planners Joondalup

7 Helpful Tips For Getting A Mortgage

22 Mar

7 Helpful Tips For Getting A Mortgage

If you’re thinking about applying for a mortgage, you may be wondering if you’ll be successful in your application. There are a few things you can do to help ensure that your application goes through without a hitch. Here are 7 helpful tips for getting a mortgage from our mortgage brokers in Joondalup.


1. Work Out Your Figures

The first and most important thing you should do is work out your figures. Know what you can and can’t afford. This will help you narrow down your search radius and property type.

It will also help you ensure you can meet your monthly repayments. The last thing you want is to apply for a mortgage amount that you simply don’t have a chance of getting or repaying.


2. Find A Good Broker

A great mortgage broker can help you work out your figures. If you’re not sure what you can realistically afford, or what sort of mortgage or lender is best for you, then a good mortgage broker is an invaluable asset to have on your side.


3. Don’t Hide Anything

Are you worried about your potential mortgage lender discovering something about you or your application? Have you recently reduced your working hours, changed industries or gone on parental leave? Don’t try to hide anything –be upfront about your circumstances from the outset.


4. Check What Grants Are Available

Depending on what state you live in and your personal circumstances there may be financial grants available to you. These can make a huge difference to your mortgage application and deposit amount so investigate what’s out there. Ask your mortgage broker to find out what you may be eligible for too.


5. Know Your Credit History

Having a good idea of your credit history will help you understand your starting position better. You can request your latest credit report and check what potential lenders are going to see about you.


6. Get Your Documents Together

Start gathering the documentation you may need to support your application – things like copies of your passport, driving license, your latest bills, payslips and bank statements. If you have these ready to go when asked it will save you valuable time when the time comes to apply for your mortgage.


7. Save Up A Decent Deposit

The best way to successfully get your mortgage is to have a decent deposit to put down on your new property. The bigger the deposit, the more likely your application will succeed. You’ll also often get access to better interest rates if you have more equity from the outset.


If you’re wondering how on earth you’ll be able to save up a decent home deposit, speak to our mortgage broker and financial planner in Joondalup.

We can help you into your first (or second, or third!) home, by making sure your mortgage application ticks all the right boxes.


Call us today on 08 9300 2553 or contact us online now.