home loans, loan refinancing Australia wide

home > loan guide > tips for loan approval

Tips for home loan approval

When it comes to lending money, lenders are naturally cautious – which is why they demand so much detailed information about you and your financial position.

Each lender has a different way of assessing loan applications. The good news is that our personal mortgage advisers can guide you accurately to the right lender – and you don’t waste time applying to a lender who will assess you less favourably.

Here are some tips to help you get your home loan approved.

1. Apply to the right lender - your Smartline Mortgage Broker will work out which lender is most likely to approve your loan.
2. Presentation - your Smartline Mortgage Broker can professionally present your application, and this can make all the difference.
3. Always be honest in your loan application - you need to provide evidence for everything, so any discrepancies will soon show up.
4. Prove your savings record by keeping your bank statements for at least six months, and make a concerted effort to keep the balance growing.
5. Make sure your credit rating is good by paying all your bills on time.
6. If you have recently moved jobs, get a letter from your employer confirming that you are no longer on probation.

What If your application is rejected?

If a lender refuses your initial application, don’t panic. It may be that you don’t meet their particular lending criteria, but another lender will be happy to offer you a loan.

There are also some things that you might be able to do to get approval. If you have applied through Smartline, then your adviser may be able to discuss your application and the reasons for refusal with the lender. Sometimes, the refusal has nothing to do with you, but with the property.

More in this section: The costs of buying Having difficulty getting a loan?