Lending changes and how they effect you?
Recent news of the banks borrowing criteria may mean you have to make sure you are pre-approved first, before buying.
If you’re currently in the market for a new home or planning a purchase soon, the lenders are tightening up lending policies and applying more scrutiny to home loan applications. The banks have had their lending procedures examined very closely by the recent banking royal commission, and were shown to be coming up quite short when it came to verifying information that was being submitted by applicants around living expenses or current commitments. As a result, they have implemented policies and procedures to be more thorough in checking these details in the future.
Some of these changes will include applicants submitting household budgets. They are even looking as close as Netflix subscriptions and other monthly commitments. So now more than ever is a good time to prepare yourself and get an updated pre-approval in place. We are accredited with BankSA and can arrange an appointment with a mobile lender who can come and see your or meet at our office. Call us in 1300 723 615.