Three Things I Wouldn’t Do If I Was Applying For A Home Loan

Three things I wouldn’t do if I was applying for a home loan:

1. Try to hide liabilities from the bank

This is a big no no. Everything is visible on your credit record, including all your open debts, the repayment history and your credit enquiries. If you try to leave off a debt, the bank will pick it up and it may lead to a decline.

2. Having overdrawn credit cards

Is your credit card overdrawn or near its limit? Don’t apply, pay it down first. Overdrawn or maxed out credit cards is a clear sign you aren’t managing your finances properly.

3. Apply for multiple loans at once

Every application leaves an enquiry on your credit record, whether that’s a credit card, personal loan or home loan, and each enquiry reduces your credit score. The lower your credit score, the less likely the lender is to approve your application.

Prior to submitting any application we run a soft credit check on all our clients to ensure nothing is getting missed.

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