There's always a way
In recent times we're hearing more and more stories about banks turning borrowers down and in many cases, there are things we can do to improve your situation.
I'd like to shed some light on recent changes in the mortgage landscape and share how we've been helping clients navigate these challenges successfully.
Ah, the old "coffee and Netflix" legislation!
Over the past six months, we've seen a surge in clients affected by the new CCCFA rules introduced by the government.
This legislation has brought about increased scrutiny around expenses, requiring applicants to provide more detailed information to validate their long-term expenses.
The result? Many potential homeowners have either been declined by their banks or haven't been approved for the amount they initially hoped for.
The good news? These can be discussed in more detail to make them easier to manage, and we can help put your best foot forward here.
Exploring different bank options
Not all banks have the same lending policy or interpret or implement the CCCFA rules in the same way.
By considering multiple lenders, we can often find a more favorable fit for your situation.
We can also make the most of your income and overall financial position by ensuring we select a lender (or lenders) which are the right fit for you.
Strategic financial adjustments
Sometimes, making minor tweaks to your financial situation, like paying off certain debts or planning for an upcoming pay rise, can make all the difference in your application's success.
We're always asking questions about what might be coming up for you, too - like a change in role, returning from maternity leave, hosting a foreign student or family member and receiving increased income, or similar.
We're here to help
Whether you're feeling discouraged or just need guidance on navigating the new mortgage rules, we're here to help.
Our team is dedicated to exploring every avenue to ensure you can achieve your homeownership dreams, so book in a chat with us to get the ball rolling.
Remember, every challenge presents an opportunity, and we're committed to helping you find yours. Looking forward to assisting you soon!