Loanshub MORTGAGES, YOU and the ECONOMY
Guide for Mortgagors Getting Your Refinance Approved by Any Bank loansHub MORTGAGES, YOU AND THE ECONOMY Lending environment in Australia has changed dramatically due to financial uncertainty faced by borrowers from either lack of employment security or property market outlook . And because of these factors, banks are continuously introducing new policies for loan assessment and approval. These unadvertised policy changes are leading to refinance application by borrowers wanting better home loan being declined frequently. With over 100 home loan lenders and thousands of home loan products available to Australians, how are you supposed to narrow down your options and pick the best one, let alone get it approved without the bank constantly asking you to provide additional information! 2 Mortgage borrowers wanting to refinance to a better home loan, should follow these five simple tips. It'll put you ahead of the game, streamline the application process and increase your chances of getting approved, before you even start applying for a better home loan. 3 1.ORGANISE YOUR FINANCIAL RECORDS According to research by the federal government productivity commission, the choice of sticking with one lender ends up costing most borrowers over $31,000 over the life of their loan. This is further supported by ACCC, whose research shows, new to bank borrowers save up to $5,000 per year when compared to existing mortgage customers of the same bank. So, where to start? First, work out what and if you will save by refinancing. To check your potential savings, use our mortgage shredder and discover how much better off you will be by refinancing when compared to your existing loan.
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