Recently, you’ve probably seen some great home loan packages advertised. Perhaps one of them looks like the perfect solution to your situation. However, as in all advertising, not everything is as straightforward as it seems.
With the number of self employed Australians on the rise, it’s quite common for people to apply for a home loan as a the director of a company. While there is nothing at all wrong with this, it can lead to a few complications.
If you want to buy a property, but don’t have a deposit, a guarantor home loan might be an option for you. A parental guarantee allows you to borrow 100% of a property’s value. While they can be a great solution, these types of loans are quite complex. Getting guarantor home loan can be a lengthy process.
They say elephants never forget – well neither do lenders. Most people realise that your credit history affects your ability to get a home loan. However, your long past experiences and interactions with individual lenders can have an impact on home loan applications now.