Re: How do I increase my chances of getting approved by a lender, even with low deposit
Posted: Tue Aug 06, 2019 7:03 pm
Hello Jennifer.
Welcome to the forums.
Most lenders have strict lending criteria for borrowers with low deposits, but if you meet the following requirements, you might have a good chance of getting approved.
Cheers,
Welcome to the forums.
Most lenders have strict lending criteria for borrowers with low deposits, but if you meet the following requirements, you might have a good chance of getting approved.
- The lenders will look into your income carefully as this forms the basis of your assessment to make mortgage repayments.
- There are restrictions on property types and locations for a low deposit home loan.
- You should have a clean credit history such as no late payments on personal loans, not paying credit cards, etc. (Some exceptions apply)
- You must have accumulated genuine savings of at least 5% of the property value that you've accumulated over a period of 3 months. (Some exceptions apply)
- Your age and income should reflect a relative level of assets like owning a car, savings, etc.
- Lenders usually favour those with reliable and stable employment history of at least 5 months in your current role or 2 years in the same line of work.
Cheers,