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Searching for the best home loans in Melbourne can be challenging. When you do find the best home loan for your needs, your loan application will be approved depending on certain factors. These factors include, but are not limited to, your income, assets, spending history and debts (if any).

Lending Specialists is a leading Lending Company with professional and experienced mortgage brokers, offering competitive home loan rates. Below are some aspects to take note of to help with the approval of your loan application.

Ways to improve your Loan Application for the Best Home Loans in Melbourne:

Have a plan and start saving:

  • Showing lenders that you have a savings plan is a big tick for them. This can demonstrate that you can manage your expenses well and lenders will be more confident that you will be able to meet your home loan repayments within the agreed upon time period.
  • Having savings provides two main advantages. First, your savings can be used as a security for loan repayments or proof that you have the capacity to meet a regular commitment/savings plan. Second, your savings can be used to contribute to the home purchase. By being able to contribute to the purchase, you will borrow less, hence the lower risk you are to the lender.

Sort out a budget:

Having a budget is a wise move and can serve as verification to lenders that you are financially responsible. When creating a budget, it is important to consider two basic principles of budgeting:

  • Realistic Budgeting – Make your budget realistic. By setting a realistic budget, it will be easier for you to follow and lessens the possibility of exceeding your set budget.
  • Disciplined Budgeting – Aside from setting a realistic budget, it is important to be disciplined with your spending patterns to again avoid exceeding your set budget. Having predetermined lists of what you need to spend and buy can help you from buying items which you do not really need (Impulse buying).

Reduce your debts and unnecessary financial commitments:

Having a number of debts or unnecessary financial commitments can impede your chances of your loan application being approved. It is essential, where possible to decrease any debt you might have to increase your chances of a favorable outcome.

Apply with Lending Specialists:

  • By applying for a loan with one of our experienced brokers, you can be assured that you are being given correct information and proper loan application procedures are being followed. Applying for a Home Loan/Business Loan is one of the biggest decisions of your life and is not something to take lightly, so putting it in the hands of professionals will give you that peace of mind.

If you have any questions about the best Home Loans in Melbourne or need help in applying for one, contact Lending Specialist today on (03) 8805-1800 or email

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