Gold Coast Mortgage Brokers
Gold Coast Mortgage Brokers are a great source of information and support.
Before looking for a property it is a really good idea to find out how much you can borrow. Otherwise you may find your dream home and then be very dissapointed. Or you may settle for less then what you ideally need, when you didn’t have to.
Online calculators can give you a general idea of what you may be able to borrow with a specific bank. However a mortgage broker will be able to give you the exact amount a bank will lend you based on alot more criteria. They will also know the rules of each bank and therefore wether they will give you a loan.
7 lending criteria that may vary from bank to bank
- The percentage deposit you will require. This can vary from 5-40%
- If the property is in a postcode that the bank will lend on
- The amount they assume are your basic expenses
- How they calculate your borrowing capacity if you have casual or temporary work
- How they calculate your borrowing capacity if you work for yourself
- How long you need to be employed with your company also varies. Some banks will not give a loan at all until it has been 3-6 months
- How they treat your credit history
A mortgage broker will know how this varies from bank to bank and will not apply for your loan with a bank that they know will not loan to you. However many individuals will apply to banks where they have no chance of getting a loan and this can effect your chances of a loan with the next lender.
Mortgage Broker Gold Coast’s preferred supplier is delighted to help you discuss your needs with Gold Coast Mortgage Brokers.
