Once you’ve scoured the market to find property for sale in Kempton Park, your next step might be to approach the bank for a home loan.
This step can be a little intimidating, especially for first-time buyers, and often people will turn to their estate agents or third-parties for assistance.
However, with a little more understanding, you will find that you can do a few things to assist in getting a positive application result, or even increase your chances of securing a bigger loan.
To assist, we have compiled a few tips that could be helpful:
Know your credit score:
You are entitled to one free credit report per year, and making use of this before your application can prove very useful. Banks will scrutinise your debt management history and take note of how you have handled paying your bills. Your credit report will show you the good and bad, allowing you the opportunity to rectify any problems.
Stay in budget:
Yes, that beautiful deck in the backyard may tempt you to splash out on a dream home, but moving out of your budget could sabotage your application. Your affordability check will determine what is available to you after your monthly debt, and in turn determine the size of the loan. You could enter a joint agreement with your spouse or a member of your family to potentially increase the loan amount.
Check the expenses:
The declaration of your expenses should be double checked at all times. Sometimes people will use a credit card for fuel or groceries, and this can become a duplicated expense elsewhere in the paperwork. This can affect your affordability and the amount you eventually qualify for.
These are just a few tips, but if you remain uncertain it is a good idea to chat to a banker before heading out into the market.
