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Are you a perfect-match? Two peas in a pod?

There's been at least two recent articles about banks and their perfect match borrowers. after recent Reserve Bank rate decisions.

It would appear that banks and other lenders are tightening their borrowing requirements and it can seem increasingly difficult to have a loan application approved.

However, there are a few key things that can make you the perfect home loan candidate for a lender as reported in both articles on news.com.au over recent months.

You can be (or become) the perfect customer by:

  • Saving a hefty deposit - Money talks! Save as much as you can or start a plan to save what you need in an agreed time-frame. We can help with an expenses calculator, if would help you

  • Having a stable job & income - Time in a job can help towards you looking as stable as possible. Banks get nervous if a applicant looks like they are not able to stay in a job for very long. (Of course there could be good reasons why you've had a few employers, so make sure that your broker includes the reasons in their notes)

  • Maintaining a good credit rating - stay away from online 'check how much you can borrow' websites; these are actually applications and stay on your credit record, even if you don't proceed. Looking at cars can do the same - just ensure that you tell the car yard that you don't want a credit check done until you're ready to proceed. Also make sure that you pay your utilities bills on time as unpaid bills especially rates are a potential red flag to lenders.

  • Have 'rainy day' money in your budget - If you are able to show evidence of money left over each week to be able to service the loan if interest rates go up, you're a more attractive applicant as interest rates will go up at some point.

  • Being well away from retirement age - We're all getting older so the earlier that you're able to get into the market the better. Banks need to know that you will be working long enough to repay the loan.

If you're wondering how to work out how much you can borrow, I've chatted about it here.

More info here if you'd like a longer read