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Smart Steps for Future Homebuyers: Setting the Stage for Mortgage Success

Unlock your path to homeownership with our comprehensive guide! Learn about fixed vs. variable mortgages, credit cleanup tips, debt management, and more. Get expert insights and start your mortgage journey today!

Smart Steps for Future Homebuyers: Setting the Stage for Mortgage Success

Are you considering purchasing a property in the near future? Taking strategic actions today can significantly enhance your chances of securing approval for a home loan down the track. Here's a guide to help you pave the way for a successful mortgage application:

1. Do Your Research: Fixed vs. Variable Loans

  • Conduct research to determine the type of home loan that aligns with your needs.
  • Consider fixed-rate loans for predictable repayments but be aware of potential missed interest rate drops.
  • Explore variable-rate loans for flexibility, allowing your interest rate to fluctuate with cash rate changes.
  • Consult with our expert mortgage brokers to understand the nuances and benefits of fixed and variable mortgages, including features like offset accounts and redraw facilities.

2. Clean Up Your Credit Rating

  • Obtain a free copy of your credit report regularly from credit reporting agencies like Experian, illion, and Equifax.
  • Review your credit score, managing any discrepancies promptly by contacting the relevant agency.
  • Proactively maintain a clean credit report by paying bills on time, limiting credit applications, paying off credit cards, and reducing credit card limits.

3. Domino Your Debts

  • Prioritize paying off existing debts, such as personal loans, car finance, and outstanding credit card balances.
  • Demonstrating your ability to cover existing debts with surplus funds boosts your credibility during the home loan application process.

4. Get Busy Saving

  • Aim to save a larger deposit, ideally 20% of the property's value, to enhance your appeal to lenders.
  • Explore options for entering the market with a smaller deposit, but be aware of potential Lenders' Mortgage Insurance if borrowing more than 80% of the property's value.

5. Employment Stability Matters

  • Maintain employment stability, as lenders value borrowers with a solid credit history and long-term secure employment.
  • Avoid changing jobs if you're planning to purchase a property in the foreseeable future.

6. Get the Ball Rolling

  • Contact us today to initiate the first steps toward securing a mortgage.
  • We can help you obtain pre-approval, enabling you to start your property search with confidence.

Embark on your homebuying journey equipped with knowledge and preparation. Our team is here to guide you through the process and set you on the path to mortgage success. Get in touch today to discuss your goals and take the first steps toward your dream home.

What our customer says about us
What our customer says about us
I have been with Ivy for 10 years. Ivy always exceeds my expectation and makes me feel my needs are a priority. Her professionalism and knowledge are of an extremely high standard and the communication and efficiency throughout the whole process was above and beyond. More than happy with the service from Ivy and Smart Mortgage and would not hesitate to recommend their services to others.
Yin Zhu
Onsite Manager of Rosewood Heights
My family uses Smart Mortgage to assist with the purchase of our home, investment, properties and commercial lending. Ben Ou, the Manager Director and his team are very experience and have always made our loan processes easy. I would highly recommend Smart Mortgage to my friends and clients who require finance for their properties. I am confident that the Smart Mortgage’s team will look after the customer’s best interests.
Simon Au
RE/MAX Number 1 Sales Team
Having worked with Angela for over 10 years, she has always been very professional and always puts my needs and interests first. Her work ethic is excellent and I trust in her abilities to always provide me with honest advice to help me reach my financial goals. My husband and I have several home and commercial properties with Smart Mortgage and I would highly recommend them to anyone who is looking for a company who truly puts your interests first.
Anh Pham
Manager at Queensland Soy Factory
I have dealt with Smart Mortgage for many years. There have been a few properties I have bought and sold over this period. Angela Duong is the person I have dealt with for my home loans. I have known Angela for over 10 years and have always found her and the staff at Smart Mortgage to provide outstanding services. Buying and selling houses are some of the most stressful things a person can go through in life. Knowing that Smart Mortgage are very professional and committed to the complete process from start to finish is a great relief.
Anne Poulton
Property Buyer
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