Some useful tips
If you don’t have one already, now is a good time to open a regular savings account.
MAINTAIN A GOOD CREDIT HISTORY
If you have credit cards, student loans, personal loans or car loans and miss a payment, your bank will be able to access this information, which can result in problems getting a mortgage. Make sure you maintain a good credit history always!
FIND OUT HOW MUCH YOU CAN BORROW
Knowing how much you can borrow BEFORE you look for your property is essential. It is called Approval in Principle (AIP) and is mortgage approval subject to finding a property.
SHOP AROUND FOR YOUR MORTGAGE
Talk to an independent mortgage broker that deals with all lenders in the market. This will save you time and hassle.
HOLD OFF ON ADDITIONAL COSTS
Additional loans can affect the total amount of a mortgage you qualify for. It is recommended that you consider the impact of additional borrowings if you are planning to buy a home in the near future.