What’s the one thing you need to know before you apply for a home loan?

What is the one thing you need to know before you apply for a home loan?

I asked myself this question last night as I considered what might be the most valuable tip I could give to all our existing and future clients when preparing for a home loan application.

Well, the answer might not be what you were expecting. Stick with me.

The reality is that every home loan application is completely unique. With variables ranging from applicants’ employment types, income, expenses, deposit, and security…. All the way through to purchase price, loan amount, contact terms, and product needs and objectives.

No two finance applications are ever the same, and in truth, there are important takeaways for each applicant dependant on their own set of circumstances. The single most important preparation tip for one client may be completely irrelevant to another.

Park that idea… I’m coming back to it.

My next stop down the rabbit hole, as I unpacked what I might suggest as my most valuable tip was to consider what is the most common challenge our clients face during the application process. Again, our biggest challenges are generally very specific to our applicant’s individual set of circumstances and often entirely irrelevant to another’s.

…. So you can see my conundrum.

With all these variables at play, and so many unique circumstances requiring their own unique and singularly most important piece of advice, how can I make a recommendation for one thing that is relevant to everyone.

And then it clicked.

The most successful applications are the ones where our applicants are pre-equipped with an understanding of the lending parameters that surround their specific circumstances and application, and on the flip side the toughest deals are often the ones when we meet clients who have not prepared in the lead up to their application.

So my one piece of advice is this……

Speak to us early. As soon as you think a finance application might even possibly be on your future radar. It costs you absolutely nothing to speak with our team, and for the sake of a quick chat to help you put the right things in place before it comes time to apply, this can often make the difference between approved and declined, or a significant difference in borrowing power.

We live and breathe this stuff every day, and we love talking finance, property, and business. So whether you’re a future borrower, or a current borrower planning for a future loan review, give us a call and we’ll set you up with a checklist that is unique to you and your application when the time comes. After all, the best outcomes for our clients, are the best outcomes for us.

Luke Meisenhelter

With over 14 years in the finance industry Luke has helped countless clients achieve their finance goals. As the Managing director and founder of Loanright Financial services Luke now manages a team of experienced mortgage brokers with a combined total of more than 60 years finance experience in residential and commercial lending as well as business and asset finance. As a leader the finance industry Luke has become an innovator in the game, mentoring and coaching other industry professionals and pushing the limits on process driven workflow structures, systems, and accountabilities, aimed at providing the best possible financial outcomes for all clients in the shortest possible time frames. Throughout his years in the finance industry, Luke has become increasingly frustrated with the quality of information available to consumers in the property and finance market, most of which is biased and designed to capture leads by creating fear and offering a magic solution. It’s Luke’s goal to share his knowledge and provide free, non-biased, quality sources of information on finance and financial concepts to as many Australians as possible.