We know that it is the dream of every person to have a house of his own to live in, but we all know that buying a house is no small matter; you have to be financially strong to buy a house and have a good bank balance. Still, not everyone has such a huge amount available, and they find the best bank for a low deposit home loan because this is the only way for them to fulfill their dream but as a first home buyer, they don’t know much about the best rate home loan.
Many banks provide the best mortgage interest rates including Melbourne Home Loan, Westpac, NAB, and ANZ banks. These banks are recognized as the big giants of the banking industry across Australia and they are also fully capable of providing you a loan at low interest as per the requirement.
Do you know that around 50% of home loan applicants are rejected resulting in a negative credit score? So, if you don’t want to fall in the category of these 50% people, then you must know the eligibility criteria properly before submitting your application. The main things that a lender can ask for before approving your loan are-
- Personal details– This includes your age (must be more than 18 years). You should be a citizen of Australia or married to an Australian citizen.
- Property details– The property that you are going to give to the lender as a security should be known to him. It should be free from any encumbrances.
- Income details– Income details include your present income, employment status, and assets and liabilities you have.
- Credit score- Your credit score should be higher as it increases the chance of getting a loan. You can also apply for a low deposit home loan with an average credit score but that may result in a higher interest rate.
- Deposit– You should talk about the deposit money before finalizing the deal as it may cause a bit of a problem later