Prospective first home buyers were advised to start preparing a loan application about six months ahead, since lenders weigh income stability, the property offered as security and credit history. Suggested steps included reviewing three months of statements, trimming subscriptions and unused credit card limits, and testing repayments against an interest rate of 4 to 5 per cent to allow for future rises.
Reported by
Marcus Roberts, Canstar, 31 May 2021
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