Finance & Fury Podcast

Welcome to Finance & Fury. Today we’re talking about 9 reasons you may have your home loan application declined. We have Jayden Vecchio this episode running through the 9 reasons.  As a result of the recent Royal Commission into banking, the lending criteria has become more strict to slow down the market there has been a limit set on lending. Small Deposit These days you will need 8-10% of the property value as a deposit to get a home loan…BUT, there are situations where you can use a guarantor to help you borrow up to 100% of the property plus additional costs. Best of all, you avoid paying lenders mortgage insurance which is usually payable if you have less than a 20% deposit.  Being over 45 years old Although there are laws (check out the Discrimination Act) to make sure banks don’t discriminate because of your age, these days it is common for the lenders to ask for an exit strategy in paying off your home loan if you are over 45 years old. This is because a 30 year loan term structure means the lo