No different to Milton Mangoes, #cleaneating or facebook you need your finance application to begin trending throughout financial institutions.

So how can you prepare now for a finance application now?

Credit Checks

Every bank or financier will complete a credit check before giving you their hard earned cash, so get ready early and keep your name off the naughty list.

Quick Tip: Many of us look to get a personal loan or credit card for a credit rating, however these days it is far easier. Any phone plan will get you a rating and banks now look towards good savings behaviours over history of paying stuff off.


Set up a savings Account

Setting up a dedicated savings plan with regular deposits going in (not out) will get you a long way to standing out from the crowd – especially is it is with the bank you get your loan with.

Keeping a record of your rental history also shows great behaviours.


Sticking to your budget

Believe it or not, but knowing yourself you can afford the loan and not relying on the bank to tell you will have you miles in front of the game.

Consider keeping track with the Brixn detailed budget, if you can show that your savings + rent = repayment (with a little extra left) then the bank will get onboard pretty quick.

Remember – your maximum borrowing capacity is what you can afford to pay (Principal and Interest), not what the banks borrowing power.


Reduce your credit card limits

“But I never use them”, “they are there just in case”. We get it, but whatever your credit card limit (drawn or undrawn) is what the bank see’s as a liability. And it makes sense yeh, what is stopping us from drawing the credit card right up to fit out the new house…then we have to pay it off.

So, if you don’t use it reduce it.

Stick to these simple hints and you will be turning the key to your new home in no time.