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Be Prepared

On a positive note, despite reports of up to 25% of loans not being approved today that would have been approved 12 months ago, at Onyx we are having far more success than that.

Here are seven quick tips about being prepared for the more stringent lending environment that we are now experiencing:

1.     Allow extra time – loan applications and supporting documents are being more closely scrutinised, so don’t leave your application until the last minute.

2.     Get pre-approved – if you are purchasing, arrange a pre-approval so you can search confidently for a property and perhaps have an edge when negotiating.

3.     Be prudent with discretionary spending well in advance – lenders are looking at statements line by line, so making sacrifices for a few months will be rewarded.

4.     Know that you are going to be asked for more stuff – as an example, some lenders are now asking for statements for all credit facilities, even if they are not being re-financed.

5.     Don’t use ATMs at gaming venues – unfortunately, you may be judged.

6.     Be accurate with your cost of living – lenders are dynamite on this issue, so keep accurate records of all your living expenses.

7.     Don’t shoot the messenger – we do our very best to absorb as much stress as we can, however “they who have the money have the power.” Remember – if you have loans that settled longer than 2 years ago you are probably paying too much!

If have any questions or would like me to elaborate or clarify any of the above, or maybe just have a general chat, please feel free to call me at any time on 0409 02 99 22.

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