Are you currently in the market to buy property? There are a few ways to maximise your chances of a successful outcome and to make sure your application stands out:
- Check your account conduct – make sure you don’t have any instances where you’ve gone into an unarranged overdraft.
- Have a solid employment history – lenders will check for fluctuating hours or a patchy work record. If your employment status has been affected by Covid-19, unfortunately, it’s still important to show that you have a good income and that’s not likely to go anywhere.
- Keep affordability top-of-mind – as we said, affordability is always crucial when taking on substantial commitments, like a mortgage. And a realistic application is more likely to be looked upon favourably at present. Please get in touch if you’d like to discuss how you can improve your borrowing power.
- Check your credit rating – if there’s anything negative on there, it could count against you. Make sure there’s nothing incorrect on your file – you can apply to have this corrected. And if there are any unpaid defaults, make sure you pay those before applying.
- Have a plan – if you don’t have a lot of deposit, or there are any other aspects of your loan that look shaky, think about what else could be of help. Are you in a good position to withdraw part of your KiwiSaver money or access?