Brokers can help connect you to the lender better fit to serve your mortgage needs by shopping around on your behalf.

In order to decide whether or not to provide you with a loan, lenders will generally assess you against five qualities.

1. Your ability to repay the loan. To establish your capacity the lender will look at your employment history and salary to evaluate whether you have enough cash coming in reliably to pay the loan over time.
2. How much cash you have up front. Assessing your ability to put down a percentage of the value of the property being purchase up front is standard. The percentages vary though, and specialist lenders may approve a five per cent deposit.
3. The property appraisal price. Since the property is used as collateral if you are unable to repay the loan, the lender will value the property. Based on the report, the lender will decide whether the property is worth the loan being approved.
4. Your financial history. Your credit rating, expenses and debts will help the lender assess your character as a borrower and whether you are worth the risk.
5. Market conditions. Economic circumstances in the market can influence what interest rate you have access to and whether you need to provide extra security. They can also influence the repayment schedule.

While loan officers work solely for a lending institution and can only offer that institutions products, an Aloha Loans Finance Broker is able to shop around for you.

Finance Brokers are paid commissions by lenders to match borrowers to the right products, and can negotiate the lower rate on your behalf, which is why half of borrowers today turn to finance brokers when it comes to finding a home loan.

For assistance in tailoring your application to the lender and product that suits you contact on (02) 9614 0888 or enquire via our website here.

Don’t forget about our Cash Draw Give Away! Contact us to day and have us assess your eligibility for buying your new dream property!

Credit Representative 488658 is authorised under Australian Credit Licence number 398328.

This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.

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