All lenders must decide on a number of factors before agreeing to loan you money to buy a home.  A Jim’s mortgage professional needs to be your first  contact point so we can guide you in the right direction.   The main factors lenders will look at are as follows.

A GOOD WORK HISTORY AND INCOME TO REPAY THE DEBT

A lender will want to see that you have a steady job with an enough income to service your debts and most importantly leave you with enough money for your day to day living expenses.  Your Jim’s Mortgage Professional will ask you to complete a budget and help you to realise how much you can comfortably borrow.

Every work situation is different and banks view contractors, people with regular overtime, commissions and bonuses, even self-employed quite differently so let a Jim’s financial professional help you match the best lender with your individual situation.

We are experts at assisting self-employed even start up business find the finance they need . We have help many of our Jim’s brothers and sisters buy into their own franchise so give us a call!

ACCEPTABLE SECURITY

Different lenders have different ideas on what they find as acceptable security.  Investment Properties, small apartments or serviced apartments, rural properties and some post codes could all have restrictions placed on them so please speak to your Jims mortgage professional and we can advise you on your specific requirements.

DEPOSIT OR ENQUIRY

A lender will loan you money but they need you to add some cash or equity from another property into the deal.  If you’re a first home buyer most lenders will require you to save a minimum of 5% “genuine savings”  By genuine savings we mean that you  need to be  putting some dollars away each month for a minimum of 6 months.  Other forms of a deposit such as a “gifts”, family guarantee etc are not always acceptable so chat to your Jim’s mortgage professional before applying directly to your Bank.

A GOOD CHARACTER

The lenders really do look into your credit history.  If you’re not sure what your credit history  looks like you should visitwww.mycreditfile.com.au to find out. It’s free and could save you much embarrassment.  Lenders also look at your repayment history on your credit cards transactions statement along with your general transaction accounts so make sure you’re not late on your repayments or you could get a decline.  If your young and haven’t really got any credit history speak to your Jim’s professional about lenders who are happy to take that into consideration.  Remember every situation is different and experience really does matter when deciding which is the best lender to apply to.