How a lender assesses your loan

There’s a basic process that all lenders follow in assessing your application, understanding this can get you in a better position for an approval. The three c’s of credit sit behind every approval decision: Capacity: Your ability to repay the loan based on your income and non-negotiable expenses like other repayments, food and transport. Lenders are looking for consistent ongoing income on at least a monthly basis. A portion of income like overtime and bonuses that are paid regularly can be included, but if your bonus is paid annually the lender will be less comfortable. Higher duties allowances or income which isn’t expected to be ongoing also are excluded. To improve your capacity reduce

Inspiration for the challenging times - subtitled why you might not get approved walking into your l

Some of my proudest moments are when the conversation starts with “I don’t think I can do anything at all” & with our guidance they do. I preface this I want to say I can’t fix everything but there are circumstances where access to multiple lenders and knowledge of a variety of credit policies gives a much greater chance of success. To illustrate I have a whole section on my blog titles “You have almost no chance of being approved if you walk in the door of your local bank”. Example 1, A lovely young professional lady starts the conversation with “I’ve had credit issues in the past”, 10 years ago she got in trouble with a credit card - she paid it off and didn’t take the advice to “just go b

What is a split home loan?

A split loan is as simple as dividing your loan into two or more loans for the purpose of having different features on each split, or tracki

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We recommend that you seek independent financial and taxation advice before acting on any information in this website or blog. It contains general information only and has been prepared without taking into account your objectives, financial situation or needs.

 

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Two Red Shoes Copyright © 2020 All rights reserved. Call on 02 9002 0380, 0404 494 929, email us  or 'old school' fax 02 9002 0381

Jarrett Group Pty Ltd atf Jarrett Group Discretionary Trust trading as Two Red Shoes hold Australian Credit Licence No: 428614 and are members of an external dispute resolution scheme. Details of our complaint resolution process can be found here or please see our credit guide. All information contained on this site is general information only, and does not take into account your particular financial situation or needs. You should consider your personal objectives, financial situation along with the recommendations of your trusted advisors.

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