Why Getting A Home Loan has Become a Lot More Thorough Recently

Getting a Home Loan in Australia

It’s not just fashion that comes back! There is a current Government Review into Bankers Lending Policies, making this six-year-old video extremely relevant. This video demonstrates how the world turns – we are back to where we were before banks started making credit easier to obtain!

Video Transcript:

How is the current environment impacting on borrowers?

Certainly the most pressing issue is at the present time is really a much tougher lending environment than we’ve ever had to work in previously. People have to provide a lot more information. Banks are looking for a whole lot more verification and they previously looked for. In fact, as soon as we’re attempting to go even remotely outside of the bank’s policy. We have to be really clever in the way that we put that loan application together. We have to make sure that the verification documents or the alternative verification documents that we’re able that we’re providing to the lender are really able to spell out very clearly, a strong case why the bank should operate outside their policy, and so it’s a broker, you have to be much more versed in and how to put commentary around a loan application. And then you have to be able to consult with the assessor in order to get that policy exception. Actually accepted by the land.