If you're on the hunt for your ideal home in Australia, you might be considering the prospect of purchasing a property through an auction. While buying a house at an auction may seem like a daunting task, it can be a successful venture with the right knowledge and preparation. In this guide, we will explain how the auction process works in Australia, including the rules for registration, pre-auction offers, and what to anticipate on auction day. We'll also provide valuable tips to help you prepare for a successful auction purchase.

Firstly, it's essential to understand the distinction between an auction and a private sale:

In a private sale, a property is listed with a real estate agent at an asking price. Buyers submit offers to the agent, who represents the seller. Conversely, in an auction, a property is sold at a specific date, time, and location through a competitive bidding process, with the final selling price determined by the highest bidder.

Registration requirements vary among different Australian states and territories. Typically, registering as a bidder is mandatory before participating in an auction. In states such as New South Wales, the ACT, Queensland, Northern Territory, and South Australia, prospective bidders must register in advance and provide photo identification. If you plan to have a buyer's agent or real estate agent bid on your behalf, they will need to provide their license number. Once registered, you will receive a bidding number to identify your bids. In Victoria, Western Australia, and Tasmania, pre-registration is not necessary, and anyone can participate on auction day.

To potentially gain an advantage on a property scheduled for auction, you can consider making a pre-auction offer. A pre-auction bid is a written offer made by a potential buyer before the auction. Making such an offer signals your serious interest in the property. It is crucial to conduct thorough research on the property and the market to ensure that your offer is taken seriously by the seller.

If you decide to bid on auction day, it's essential to understand the process leading up to and during the auction:

1.Inspect the Property and Obtain Reports

Before the auction, review building and pest inspection reports. Inspecting the property yourself before the auction allows you to make an informed decision.

The contract of sale is typically available for review before the auction. It's advisable to have a solicitor review it to ensure there are no issues, as you may need to sign it immediately if you win the auction.

Ensure you have pre-approval for a home loan. This pre-approval provides an estimate of the amount a lender is willing to lend you, allowing you to set your bidding limit.

The auctioneer will explain the rules, which can vary slightly by state. Rules may include vendor bids, refusal of bids not in the seller's interest, no post-hammer bids, assistance with disputed bids, and a prohibition on dummy bidding (a practice illegal in Australia).

Once the auction begins, you can start bidding. The auction progresses until the reserve price (the minimum acceptable price for the seller) is reached. After reaching the reserve price, the property is "on the market" and the highest bidder secures the sale. If the reserve price isn't met, the property may be passed in, allowing negotiations between the highest bidder and the seller.

6.Signing the Contract and Paying the Deposit

If you're the successful bidder, you must sign the contract immediately and pay the deposit, which typically ranges from 5-10% of the purchase price and is usually paid by cheque.

Unlike private sales, there is no cooling-off period after an auction. Once you've paid the deposit and signed the contract, the property transfer process begins, typically handled by a conveyancer or solicitor.

To prepare for an auction, consider the following tips

Familiarize yourself with auction-related terms such as vendor bid, dummy bidding, reserve price, on the market, and passed in.

Prior research about the housing market in your desired area, recent sales, median house prices, and attending nearby auctions will provide valuable insights.

At Everest Home Loans, we are here to assist you in your journey to homeownership. With the right knowledge and preparation, you can confidently bid at auctions and secure your dream home in Australia.

Acquiring a House at Auction in Australia with Everest Home Loans

This tax season, you’re going to breathe a sigh of relief. We’ve got six tax tips to help you save time and reduce stress this tax season. Read on to find out how you can stop procrastinating and start doing ahead of the 30 June 2021 deadline.

1. Claim the instant asset tax write-off

If you purchased any assets for your business this year, such as computers, laptops, tablets, office furniture or equipment, motor vehicles or other tools, you may be able to claim the instant asset tax write-off.

The federal government announced in May as part of its 2021-22 budget that it would be extending the instant asset tax write-off, allowing businesses with a turnover of less than $5 billion to write-off the cost of assets used or installed before 30 June 2023. Find out more HERE.

If your business received government grants or payments to support you during the bushfires or COVID-19, be sure to check which are considered assessable income. For example, if you made JobKeeper payments to employees, these need to be reported. But if you received cash flow boost payments, these are considered non-assessable, non-exempt income. Talk to your accountant for advice.

3. Take advantage of the small business income tax offset

As a small business owner, you could be eligible for up to $1,000 as part of the small business income tax offset. In order to be eligible, you must have had an aggregated turnover of less than $5 million for the 2020-21 year, and be a sole trader or have a share of net small business income from a partnership or trust. Find out more here.

For many of us, our working conditions changed during COVID-19. If you worked from home, you may be able to claim a deduction for the expenses of running your office. This can include things like electricity, cleaning supplies and home office equipment. Tracking these expenses can be challenging, so you can use a temporary shortcut method to calculate these expenses with minimal record-keeping required. The shortcut method initially applied from 1 March to 30 June 2020, but it can now be applied up to 30 June 2021.

To ensure your superannuation can be included in your tax deductions, you need to ensure all your contributions are paid by 30 June 2021. If you miss this date, you’ll have to wait until the following year to claim them on your tax return.

6. Get organised now and don’t miss these important dates

To avoid scrambling at the end of the financial year, get your paperwork in order now and talk to your accountant. If you want to beat procrastination next year, think about how you can improve your document storage and filing processes to make it even easier. A cloud accounting software, such as Xero or MYOB, can help with this.

Six Tips for a Less Stressful Tax Season

Whether you’re a seasoned investor looking for a new opportunity, or you’re after other ways to get your foot on the property ladder, a commercial property investment may be worth considering.

In this article, we explore the reasons why people venture into commercial property investing, and some of the areas to be aware of. And if you do decide to go down the commercial route, we can hook you up with an investment loan that suits your situation and objectives!

“Commercial property” tends to conjure up images of dusty industrial warehouses, but it’s a general term that covers all kinds of property that isn’t residential, or is used for some kind of business purpose. That includes everything from offices and retail outlets, to industrial sites and doctor’s surgeries. It can even include car parks!

The benefits of investing in commercial property

If your focus is on generating income from rents, investing in commercial property may be the way to go. Commercial properties typically return a much higher rental yield than residential properties – usually upwards of 7% return. In comparison, the average residential rental yield across Australia’s capital cities fell to 3.2% in February 2017. (Rental yield percentages are calculated on the amount of rent compared to the cost of the property).

Additionally, the costs of owning and managing a commercial property are usually lower, because most of these costs are covered by the tenant.

Commercial property investment often provides the opportunity to capitalise on growth areas, both in terms of location and the business economy. For example, a recent report by Deloitte identified that our future business economy is likely to expand rapidly in the areas of communications technology, hospitals and a wide variety of other health industries, food processing, private schooling and education. Hospitality and tourism are other areas that traditionally enjoy steady growth.

What to watch when investing in commercial property

Potentially lower rates of capital growth

While commercial property often provides more attractive rental yields than residential property, the capital growth potential is often not as strong because the land value of commercial premises is usually not as high. This is not always the case, so if you do your research carefully, you may be able to locate a commercial property investment in a growth location. Often it’s the popular shopping and holiday destinations that provide good capital growth potential for commercial property purchases, but these locations can be expensive and difficult to secure, so do your homework.

Goods and services tax (GST) may apply when you buy a commercial property, so you need to factor in an extra 10% of the purchase price when you buy. Properties used in the running of a business are also subject to capital gains tax when you sell.

Additionally, some lenders require a higher deposit for a commercial property investment – 30% instead of the usual 20% recommended for a residential property purchase. But this requirement differs from lender to lender and often depends on the value of the property you want to purchase. To find out more about how much deposit you may require, call us for a chat and we’ll be happy to help you crunch the numbers.

If you decide to invest in commercial property, it’s important to have professional advice from your mortgage and finance broker and check with your accountant about the tax implications before you begin. We’re here to help you structure your loan the right way and do all the legwork to help you obtain finance to suit your current financial circumstances and future goals. There’s so much more to know and understand if you’re interested in buying a commercial property, so please get in touch today!

Why invest in commercial property?Whether you’re a seasoned investor looking for a new opportunity, or you’re after other ways to get your foot on the property ladder, a commercial property investment may be worth considering.

Why invest in commercial property

The Australian home loan market is a complex and competitive industry, with numerous lenders and loan products to choose from. Securing a home loan is one of the biggest financial decisions most people will make in their lifetime, and it is crucial to seek expert advice to ensure you make the right choice. Expert home loan advice can help you navigate the complexities of the market, find the best loan product for your needs, and save you time and money in the process.


Trusting a multilingual team for personalized assistance is crucial when seeking expert home loan advice in Australia.
Choosing a Nepali mortgage broker in Sydney can provide unique benefits for your home loan needs.
Working with a Nepali mortgage broker in Melbourne can offer advantages such as local market knowledge and personalized service.
A Nepali mortgage broker in Brisbane can help you secure your dream home by providing customized solutions and expert guidance.
Finding the right home loan with a Nepali mortgage broker in Perth can save you time and money while ensuring a smooth process.

The Importance of Trusting a Multilingual Team for Personalized Assistance

When it comes to securing a home loan, working with a multilingual team can provide numerous benefits. A multilingual team can understand your unique needs and preferences, and provide personalized assistance tailored to your specific situation. They can communicate with you in your native language, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

Additionally, a multilingual team can have a deep understanding of cultural nuances and customs that may impact your home loan application. They can provide guidance on how to navigate these nuances and increase your chances of securing a loan. Trusting a multilingual team for personalized assistance can give you peace of mind knowing that you have someone on your side who understands your language, culture, and financial goals.

Why Choose a Nepali Mortgage Broker in Sydney for Your Home Loan Needs?

In Sydney, there is a growing community of Nepali mortgage brokers who specialize in helping individuals from the Nepali community secure home loans. These brokers have a deep understanding of the unique needs and preferences of the Nepali community, and can provide personalized assistance tailored to their specific situation.

Working with a Nepali mortgage broker in Sydney can provide numerous benefits. These brokers have extensive knowledge of the local housing market and can help you find the best loan product for your needs. They can also communicate with you in Nepali, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

Benefits of Working with a Nepali Mortgage Broker in Melbourne

Benefits of Working with a Nepali Mortgage Broker in Melbourne
1. Expertise in the Australian mortgage market
2. Access to a wide range of lenders and loan products
3. Personalized service and tailored solutions
4. Assistance with paperwork and application process
5. Negotiation of better rates and terms
6. Ongoing support and advice throughout the loan term
7. Understanding of cultural and language barriers
8. Ability to navigate complex financial situations

Similar to Sydney, Melbourne also has a growing community of Nepali mortgage brokers who specialize in helping individuals from the Nepali community secure home loans. These brokers have a deep understanding of the unique needs and preferences of the Nepali community, and can provide personalized assistance tailored to their specific situation.

Working with a Nepali mortgage broker in Melbourne can provide numerous benefits. These brokers have extensive knowledge of the local housing market and can help you find the best loan product for your needs. They can also communicate with you in Nepali, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

How a Nepali Mortgage Broker in Brisbane Can Help You Secure Your Dream Home

Brisbane is another city in Australia with a growing Nepali community, and there are Nepali mortgage brokers available to assist individuals from this community in securing home loans. These brokers have a deep understanding of the unique needs and preferences of the Nepali community, and can provide personalized assistance tailored to their specific situation.

Working with a Nepali mortgage broker in Brisbane can provide numerous benefits. These brokers have extensive knowledge of the local housing market and can help you find the best loan product for your needs. They can also communicate with you in Nepali, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

Finding the Right Home Loan with a Nepali Mortgage Broker in Perth

Perth is another city in Australia with a growing Nepali community, and there are Nepali mortgage brokers available to assist individuals from this community in securing home loans. These brokers have a deep understanding of the unique needs and preferences of the Nepali community, and can provide personalized assistance tailored to their specific situation.

Working with a Nepali mortgage broker in Perth can provide numerous benefits. These brokers have extensive knowledge of the local housing market and can help you find the best loan product for your needs. They can also communicate with you in Nepali, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

Navigating the Home Loan Process with a Nepali Mortgage Broker in Adelaide

Adelaide is another city in Australia with a growing Nepali community, and there are Nepali mortgage brokers available to assist individuals from this community in securing home loans. These brokers have a deep understanding of the unique needs and preferences of the Nepali community, and can provide personalized assistance tailored to their specific situation.

Working with a Nepali mortgage broker in Adelaide can provide numerous benefits. These brokers have extensive knowledge of the local housing market and can help you find the best loan product for your needs. They can also communicate with you in Nepali, ensuring that you fully understand the terms and conditions of your loan and any potential risks or benefits.

Understanding the Australian Home Loan Market: Expert Advice from Our Multilingual Team

The Australian home loan market is a complex and competitive industry, with numerous lenders and loan products to choose from. It is crucial to seek expert advice to navigate this market and find the best loan product for your needs.

Our multilingual team of experts has a deep understanding of the Australian home loan market and can provide expert advice tailored to your specific situation. We can help you understand the different types of loans available, compare interest rates and fees, and guide you through the application process.

Customized Home Loan Solutions for Your Unique Needs: How Our Multilingual Team Can Help

At our company, we understand that every individual has unique needs and preferences when it comes to securing a home loan. That's why our multilingual team is dedicated to providing customized solutions tailored to your specific situation.

Our team will take the time to understand your financial goals, budget, and preferences, and then work with you to find the best loan product that meets your needs. We will guide you through the entire process, from pre-approval to settlement, ensuring that you have a smooth and stress-free experience.

Contact Us Today to Speak with a Nepali Mortgage Broker and Secure Your Dream Home.

If you are in need of expert home loan advice and personalized assistance, don't hesitate to contact our team today. Our multilingual team of Nepali mortgage brokers is ready to help you secure your dream home.

By working with a Nepali mortgage broker, you can benefit from their deep understanding of the local housing market and their ability to communicate with you in your native language. Don't miss out on the opportunity to work with a team that understands your unique needs and can provide customized solutions tailored to your specific situation. Contact us today and let us help you secure your dream home.

Home loan advice is guidance provided by professionals to help individuals or families navigate the process of obtaining a home loan. This advice can include information on the types of loans available, interest rates, repayment options, and other factors that can impact the borrowing process.

Why is it important to receive home loan advice?

Receiving home loan advice can help borrowers make informed decisions about their borrowing options. This can help them find the best loan for their needs, avoid costly mistakes, and ensure that they are able to repay their loan on time and in full.

Who can benefit from receiving home loan advice?

Anyone who is considering taking out a home loan can benefit from receiving home loan advice. This includes first-time homebuyers, individuals looking to refinance their existing mortgage, and those who are interested in investing in property.

What services does a multilingual home loan advice team offer?

A multilingual home loan advice team can offer a range of services, including guidance on the types of loans available, information on interest rates and fees, assistance with the application process, and advice on how to manage your loan once it has been approved.

Expert Home Loan Advice in Australia: Trust Our Multilingual Team for Personalized Assistance

Can You Change Jobs While in the Process of Buying a Home?

When you're in the midst of securing a mortgage for a new home, making a career change can introduce certain complexities. Mortgage lenders prioritize financial stability and seek borrowers with a strong credit history, responsible spending habits, and consistent, long-term employment. This article delves into the impact of transitioning to a new job or role on your home loan application.

Most lenders consider a borrower who has been at their current job for less than a year as a new employee. However, this criterion can vary among lenders, with some preferring applicants who have been with the same organization for at least two years. It's important to note that being in a new job might raise a flag for some lenders, though it doesn't necessarily mean you won't secure a mortgage.

Can You Apply for a Home Loan with a New Job?

Certainly, having a new job doesn't automatically disqualify you from getting a home loan. However, your options may be more limited, as many lenders may view you as a risk compared to someone with a stable, long-term employment history.

Factors Influencing Home Loan Approval with a New Job:

The extent to which your new job affects your home loan approval depends on several factors, including:

The duration of your employment in the new job, with notable differences between someone employed for two months and someone employed for ten months. 

Whether you're remaining in the same industry or transitioning to a different field. 

Your overall tenure in your current industry. 

The typical handling of home loans by borrowers in your industry. 

Your employment type, such as full-time, part-time, casual, or self-employed.

While a new job might bring a higher income, it doesn't guarantee job security or long-term success. Changing jobs frequently can pose a risk and potentially affect your ability to afford home loan repayments.

Lenders Willing to Approve Borrowers with New Jobs:

Fortunately, not all lenders insist on a one-year employment history with your current job. Some lenders specialize in providing loans to borrowers with unconventional or higher-risk situations, including those with a less stable employment history. Additionally, if you demonstrate financial responsibility despite a new job, some lenders might be more accommodating.

Improving Your Mortgage Approval Chances with a New Job:

To enhance your prospects of getting approved for a mortgage with a new job, consider the following steps

Exhibit good savings habits: Demonstrating financial responsibility and strong savings can build trust with lenders.

Maintain a solid credit history: Ensuring a high credit score portrays you as a lower-risk borrower.

Be honest: Truthfulness in your employment history is essential, and inform the lender if you plan to change jobs during the application process.

Secure support from your employer: A letter from your new employer endorsing your salary and job security can reassure the lender.

Stabilize your career history: Staying in jobs for at least a year or two can improve your chances of approval.

Consider waiting: If you're not in a hurry and believe your home loan chances will improve over time, waiting until you're more established in your new job might be a wise decision.

Changing Jobs During a Home Loan Application: If you've applied for a home loan and are awaiting approval, it's generally unwise to switch to a new job. Lenders base their approval decision on the information provided in your application. Therefore, they will assume you're still in the job you listed in your application. If you've been offered a new job, it's advisable to discuss this with the lender to avoid potential complications stemming from inaccurate employment information. Making significant financial or career changes while awaiting formal home loan approval can have a negative impact. Waiting until after securing the home loan before changing jobs might be a more prudent approach. 

In conclusion, navigating a home loan application with a new job or plans to change jobs can be challenging, but it's not insurmountable. By taking the right steps and maintaining financial responsibility, you can improve your chances of securing a mortgage even in the midst of a career transition. It's always advisable to consult with a Home Loan Specialist to explore your mortgage options further.

Changing Jobs While Buying a Home: Navigating the Mortgage Application Process

When it comes to purchasing a property, there is a multitude of factors to consider. It's crucial to take the time to ensure you've covered all the necessary aspects of the process. To assist you, we've compiled a home buying checklist, emphasizing the essential steps to take before making the big decision. Whether you're sorting out your finances or arranging property inspections, these guidelines will serve as your roadmap.

The first step in your home buying journey is pinpointing the perfect location. This decision can streamline your property search and save you valuable time. Here are some key factors :

Proximity to schools, shops, parks, cafes, restaurants, and community amenities.

Your preference for urban, suburban, or remote areas.

Accessibility to public transport, including bus stops and train stations.

Parking options, especially if you own a car.

Considerations regarding safety, crime rates, noise levels, and neighborhood demographics.

Your personal preference for the atmosphere and vibe of the suburb.

Affordability - can you realistically purchase a home in this location?

Awareness of any planned developments in the vicinity.

Understanding the property values in the area, particularly if you're considering it as an investment.

If you're not familiar with the neighborhood, spend time there at different times of the day to get a feel for the area. This will help you determine if it feels like 'home' or if you should explore other options.

Your choice between a house or an apartment largely depends on your specific circumstances. Here are some considerations:

If you have a family and pets, a house with a backyard might be ideal.

For individuals or couples, an apartment might be a more maintenance-friendly choice.

Property investment goals and performance should influence your decision.

Consider the potential resale value of the property if you don't plan to hold it long term.

Don't be swayed solely by the appearance of a property. Ensure it meets your specific requirements, including:

The number of bedrooms and bathrooms you need.

Whether the property's layout suits your preferences.

Availability of a garage or parking space.

The condition and size of the garden or yard.

Consideration of ongoing expenses such as council rates and energy bills.

Deciding between purchasing an established home or building a new one is another important choice. Each option has its pros and cons. Buying an existing home is typically quicker and less stressful, while building allows for customization. However, building might limit your location options and can be costlier.

Most likely, you'll need a home loan to purchase your property. Before you start, it's essential to:

Save for a deposit and account for stamp duty.

Review your financial situation, including credit score, debts, and assets.

Consult with a mortgage broker or lender to assess your borrowing capacity.

For detailed information on becoming the 'ideal' borrower, refer to our guide.

If you're buying a property as an investment, research the performance of rental properties in the area. Key factors to examine include vacancy rates, rental yields, and property price trends. Keep in mind that while property is generally a stable investment, various factors can influence rental income and capital gains over time.

Property investors may also be eligible for tax benefits, so understanding the tax implications is essential.

Although not mandatory, home loan pre-approval can simplify your property search. It provides a clear budget, making offers more confident. Additionally, some sellers may favor buyers with pre-approval as it suggests a faster settlement process. Pre-approval typically lasts for 90 days and can often be extended if needed.

To avoid unexpected issues after purchase, engage a qualified building inspector. Common issues to check for include cracks in walls, mold, functional aspects like taps and doors, and structural concerns. Hidden problems such as roofing issues or water damage can also be uncovered by an inspector. Don't forget to have a pest inspection done to catch potential pest-related problems.

If you're considering a property that needs improvement, allocate a budget accordingly. It's essential to consider the cost of repairs or renovations, especially if they are necessary for you to move in. While a fixer-upper can be exciting, a move-in-ready home might better suit your needs.

Negotiating with the seller can save you money. If the seller is open to offers, having home loan pre-approval can expedite the process. You can also use identified faults or needed repairs as negotiation leverage.

Conduct a title search to ensure the property's legality. Check for liens or encumbrances on the property that could impede your purchase. The process may vary by location, but a conveyancer can assist with this step.

Given the complexity of buying a home, having a conveyancer is highly recommended. They'll handle property ownership transfer, review the contract of sale, and offer legal guidance throughout the process.

After purchasing your home, obtaining insurance should be a top priority. It's advisable to research insurance premiums for your specific property type before making the purchase. Different locations and property types may require varying levels of coverage.

Always review the insurance terms and conditions listed in the product disclosure statement for a clear understanding of your coverage.

In conclusion, purchasing a home is a significant decision that requires careful consideration of various factors. The Everest Home Loans team is here to assist you at every step of your home buying journey. We aim to make the process as smooth and stress-free as possible. Contact us today to get started on your path to homeownership.

A Comprehensive Checklist for Home Buyers

Did you know that up to 20% of loans referred back to brokers by lenders are due to the fact that the broker did not complete a credit check?


If a credit check had been completed in one of these instances, the broker would have found their client may have had:

Poor customer outcomes can have a negative impact on every business involved and may even lead to friction between lenders and brokers.

In a highly competitive market, taking appropriate steps to improve the quality of every loan application makes perfect business sense. Higher approval rates, faster decision times and a better experience for customers will ultimately benefit everybody.

Brokers can spend as much as 12 hours compiling a high-quality mortgage application. Completing a credit check first should help you ensure this time hasn’t been wasted.

By completing a credit check, you filter out unsuitable applications before ‘back office’ resources are spent on progressing the application. Further, a credit check should help your application be processed more quickly by the lender.

You can establish a customer’s full credit risk position, allowing you to advise the most appropriate credit providers and products to match your client’s needs.

3. No impact on your customer’s credit report

While a file access footprint is left on the applicant’s bureau file when an illion credit check enquiry is performed, the file access footprint is not visible to credit lenders and does not impact the individuals credit score.

4. Finding information not available from other credit bureaus

Accessing a credit check via illion can provide data that isn’t available through other credit bureaus – information that is very often not disclosed by applicants. This includes BNPL, pay advance lenders and exclusive Telstra data.

The 4 benefits of credit checks and how to access them for free

Planning to purchase a property in the near future?

Here’s what you can do today to optimise your chances of being approved for a home loan down the track.

It’s a good idea to do some research and start thinking about what kind of home loan may suit your needs.

If you like the idea of knowing exactly what your ongoing repayment will be so that you can budget for it, a fixed home loan may work for you.

However, keep in mind there’s talk of interest rates going down in 2024. Opting for a fixed rate loan means you won’t benefit from a drop in interest rates.

If you prefer to have flexibility and don’t mind the idea of your interest rate potentially fluctuating with any cash rate changes, a variable home loan may be more up your alley.

As a mortgage broker, we can explain the ins and outs of fixed versus variable mortgages, plus how you may benefit from interest-saving features such as offset accounts and redraw facilities.

When you apply for a home loan, lenders look at your credit report.

If you don’t know much about this, your credit report includes a credit score – a value up to 1000 or 1200 depending on the credit reporting agency – which indicates how reliable you are as a borrower. It includes information about how you’ve managed any past or current loans or debts, as well as your repayment history.

You can get a free copy of your credit report every three months from the following credit reporting agencies:

If you notice something’s amiss, get in touch with the agency to sort it out promptly (find tips 

And be proactive about keeping your credit report clean by:

Now’s a good time to pay off any debts where possible. That means knocking over any personal loans, car finance, outstanding credit card bills or other debts.

When assessing your home loan application, lenders will consider your income, expenses and existing debts, among other things. If you can show them that you can cover your existing debts with surplus money to cover the home loan repayments, it can enhance your credibility.

The bigger deposit you can save, the more attractive you’ll be as a borrower to lenders. Usually, it’s best to aim to save 20% of the value of the property.

Having said that, there may be other ways to get into the market if you don’t have a sizeable deposit saved. For example, some lenders will still accept borrowers with a deposit of 5%, provided they meet certain conditions.

Keep in mind if you borrow more than 80% of the property’s value, you may need to pay Lenders’ Mortgage Insurance.

Employment stability is important to lenders. They want to know that as a borrower, you have healthy spending habits, a solid credit history and long-term secure employment.

Moral of the story? Try not to switch jobs if you are planning to buy a property in the foreseeable future.

If you’d like to talk through the first steps of getting a mortgage, we’re here to help.

We can organise pre-approval on your finance so that you can start shopping for the right property. Get in touch today.

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