How do I qualify for a loan

How do I qualify for a home loan?

While lending is a fast pace, rapidly changing world with new policies and products released constantly the basics remain the same, lenders are looking for character, capacity and collateral.


Your lender is looking for a good credit history, in Australia we are moving from a “negative reporting” regime, where you are reported for negative behavior only – to a regime where positive repayment history is also reported, and negative behavior in far greater detail. What does this mean? Where previously you would only be reported for a missed payment of 60 days or more, lenders are becoming able to report a payment which is paid just a few days late. (So move everything to direct debit!) They are also able to report positive behavior which is good news if you need a fresh start.

Lenders are also looking for a stable employment and home address history, and a list of assets which is both greater than your current liabilities, and is reasonable for a person of your age and with your income.