It’s no secret that it’s getting harder and harder to get approved as a borrower to purchase property in this market, and there are a number of things driving that. The housing market is a big factor, The Reserve Bank is tightening up on how much banks can lend out and banks are thinking conservatively when it comes to a borrower's ability to service the repayments.
It's not easy but there are things you can do to get yourself in a better position. Here are the key things to consider:
We've got plenty of experience when it comes to helping first home buyers get mortgage-ready, we even have a handy First Home Buyer's Guide for you to download. If you'd like some more advice, get in touch with the team. We're happy to chat!
Or if you'd like to chat to Alan, our first home buyer chat bot, click here. He takes his mission of helping first home buyers very seriously. Ask him things like "how much can I borrow?" or "what's the latest interest rates?" or just ask him to tell you a joke. Start chatting to Alan.