Tips to Ensure Your Finances Are in Order Before Buying Your First Home

Hi all. Found an excellent article that I am sure many will relate to. Hope you get something useful out of this...

Focus on savings

More and more lenders are now looking for personal savings and while you do need to have a deposit, there is a focus on “genuine savings”.

This refers to savings that have been made on a regular basis or have been held in the account for a defined period of time.

It is not just about the balance that you have in your savings account, it is also all about how it got there; the banks need to see that you can be diligent and stick to a plan.

Pay your bills on time

Your credit history is exceptionally important and no matter how small your bills may be, a late payment that triggers a default on your credit record could mean the difference between loan approval and decline.

Often a company provides a degree of leeway past the due date before lodging a default on your credit file, however keep in mind they are all different.

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Thanks,

Alex