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Lending conditions have become a lot stricter, but that doesn’t mean banks aren’t open for business. Borrowers just need to know how best to approach the process…
In this two part series, Patrick and I provide our top tips for navigating today’s banking system and increasing your likelihood of a positive result.
Part 1 answers the question ‘Where do I start…?’. It gives borrowers an idea as to who they might consider talking to, and why.
Here’s an overview:
- Consult reputable professionals before you purchase or make material changes to your circumstances
- Find someone who can provide strategy and structuring advice, not just a cheap interest rate
- How many funding options has your adviser considered… are they limited to one set of products/policies, or do they have access to more options?
- Whoever you work with should be able to submit a high quality application on your behalf, explaining all relevant details to the assessment team (it’s also helpful if they have a good amount of experience working with the recommended Lender, e.g. they know the systems/ process, all the correct fees and charges, have good internal contacts, etc.)
- Prior to lodgement, a good question to ask is whether your scenario has been workshopped appropriately (all scenarios are different, with policies changing so frequently now this would be considered best-practice, otherwise there may be new policy technicalities which work against you – these can be identified upfront)
Part 2 (to follow) is a more tactical discussion around how Lenders have now specifically tightened their policies, and what borrowers can do to have their applications assessed in a more favourable light.
Best of luck and enjoy the show!
If you have specific questions for myself or Patrick you can email hi@longproperty.com.au and we’ll respond within 24 hrs.
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The Long Property Show provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Nothing in the Long Property Show constitutes legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
