Firstly, let’s discuss the banks. It’s good to know that they really do want to give you money and it’s in their best interest to do so.

Banks are basically “money shops.” Just as supermarkets are in the business of selling groceries, banks are in the business of “selling” you their money.

We know it doesn’t always seem that way. At times they are intimidating and can make you feel like you have to jump through hoops to get them to say yes to your home loan application. But really, they are enterprises with shareholders who want to see profits, and banks make their profits by lending money to others and charging interest and fees on these loans.

Of course, banks are not charities either! As long as they think you’ll be able to make your repayments, they’re keen to have your business.

Pamela’s stress turned into success – her first home loan application

When I was looking to buy my first home I had no idea of what was involved. I only knew I had to go to a bank to get a loan.

                                  

I knew the first step was to ring the bank manager and arrange a meeting time and then I really just had to follow his prompts. I also knew the asking price of the house I wanted and that I had saved a small deposit.

 

I was as nervous as Hell, because I had no idea what to expect or what would be required of me, let alone whether I was going to get a loan or not. At that stage, it was very difficult for a woman to get a home loan at all, let alone a single woman on an average wage with two kids - which was my situation. I had nothing behind me, having rented from the time I moved out of my parents home.

 

I dressed up and had to show the bank that I had full time, solid employment. I didn’t have any debts, other than a car loan and I didn’t have anyone to go guarantor for me. I had a reasonably good job and I did get my home loan.

What you may find confusing is how banks determine whether you will be able to service your mortgage and whether they will lend you any money at all. Trying to work out which home loan is best for you is like wading through all those different mobile phone plans to find one that suits your needs.

That’s where a good mortgage broker can be your ally. While you may feel that the banks put you under the microscope, mortgage brokers will help you by giving you valuable advice and insight as to how the banks will assess your loan application. They will guide you through the loan application process step by step.

Michael suggests:

Consider employing the services of a good mortgage broker to help you get the banks to say “yes” to your loan application.

Mortgage brokers have the latest information on a wide range of loans from a number of different lenders and will be able to work out which is the right loan to suit your financial situation. They act as your representative to shield you from the banks and a good mortgage broker shouldn’t cost you a cent. Their fees are paid by the banks and they only make money if they get you a loan, so they are working for you and just as eager as you to see your application succeed.

Because different lenders have different lending criteria and these ‘in-house policies’ are not public knowledge, a mortgage broker can save you lots of time and heartache as they will only apply for a loan to a lender whose criteria suits your specific needs.



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