Many Australians put a lot of time and effort into saving a deposit for a home loan, only to have their mortgage application rejected by lenders. Lending guidelines can be complex, and there is much more to being approved than simply having a deposit and a stable income!
How does Credit Boot Camp work?
This program helps you prepare all necessary documentation and information when planning to apply for a loan. We will complete a full assessment of your financial situation and your personal aims in property investment, and work out what steps you will need to take to have your mortgage approved.
Being adequately prepared will make all the difference when lodging your application, and it’s as simple as filling out a short application form and sending it through to us along with some supporting documents such as payslips.
After receiving these from you, a specialist mortgage broker will complete the assessment of your situation, identifying anything that may potentially cause problems with banks approving your home loan application. We will then prepare a report that outlines what you will need to do in order to qualify for a loan, and we will lodge an application on your behalf when you are ready to buy a property.
This will cost you a small fee, however this fee will be refunded when your loan has been advanced. This means you are getting the expert assessment of a mortgage broker at no cost if you do end up buying a property.
What is the fee?
We charge a $700 fee for our prepare to buy program, however if you buy a property within five years of participating, and use us as your mortgage brokers, this fee will be refunded to you in full. Your $700 will be credited to your bank account as soon as the loan is advanced.
If, however, you decide not to buy a property, the $700 fee will not be refunded. However, you may be refunded if your partner (married or defacto) decides to purchase a property and you refer them to us. In this instance, when their loan is advanced you may request a refund of your fee.
What do you assess?
Most of our mortgage brokers have worked in the credit department of a bank, and as such know what goes into a decision to approve or decline a loan application. Our brokers will know how banks are likely to view your application, and identify any issues you may have with approval before it gets to the bank.
We carry out the following assessments:
- Complete a credit scoring assessment.
- Identify “credit issues.”Complete a credit check on you and your co-borrower.
- Calculate your borrowing power.
- Work out if you need a deposit, and if so, then how much you need to save.Inform you of what you need to change to get approval.
In some instances, you may need to switch banks quite far in advance of applying for a loan. This may be due to your current bank not being likely to consider your loan application, and it may be in your best interests to build a relationship with a new bank before applying for a loan. If this is the case, our mortgage brokers will inform you, and you will have the chance to rebuild your image with a new bank as a customer with good account conduct, giving you a more favourable credit score.
Applying with your current bank
We are, of course, able to help you prepare an application for a loan with any bank. However, for us to be able to assist you, your loan application will need to be lodged through our mortgage brokers.
Most of the time there will be no difference in cost between using our services or directly applying with a bank, however using our services will allow your application to highlight your strengths as a borrower, and you will increase your chances of being approved.
Can this be used for refinancing or consolidating debt?
Yes, we can assist you preparing for consolidation of debts, or refinancing your property.
Many clients come to us to help with their refinancing, however they are unable to qualify for a loan. We can help you get approval within three to six months by using the same process we do for home loans.
Our mortgage brokers know how to help you get approved with major lenders at competitive rates. So if you are ready to buy a home or investment property, call us on 1300 558 877, or Chat Live with a friendly Naritas team member now.