Are you prepared for a home loan application?
What seems to be a continual flow on effect from Australia, and also to an extent to what the Reserve Bank here wants to see, banks are getting tougher on the detail. That can mean further requests for proof of various bits of information including source of deposit, income and debts being repaid. About now too the banks are insisting on March 2018 financials if you are self employed. So it pays to be prepared!
To add to this banks are slowly tightening the screws on borrowing power and loan sizes. Another challenge has also been banks looking into borrowers age and exit strategy. So if you are in your late 40s or older, you can expect some banks to start querying this.
All in all, you can borrow less these days and need to provide more paperwork, so be prepared! It pays not to assume what you think the bank will be happy with, but provide the information that is actually asked for. That will make life a lot easier.
Always get your approval in writing and read the conditions (fine print), especially if looking at bridging finance or if your deposit is less than 20%,