Sponsored: In the ever-changing home loan market, set against a backdrop of regulatory changes and rising interest rates, aspiring buyers are finding home loans harder and harder to get.
Mortgage advisers can help and get potential borrowers 'Buy Ready' so that they have a better chance of a lender saying yes.
Speaking with Today FM's Leah & Mark, the northern regional manager of Loan Market, William Laban, gave insight into what borrowers should be focused on getting sorted.
"First and foremost, set up a budget and really watch your spending habits," Laban said.
"Make sure you get your accounts in order, particularly during the time leading up to when you are about to apply for your home loan. This is more important now than ever before.
"Also getting on top of your bills, so making sure that you're up to date with all your payments - because overdue payments or dishonoured payments are a major red flag to the lenders."
While it can feel overwhelming with all this to consider, Laban said it can feel less so, with the help of an expert.
"Talking to a mortgage adviser is really going to help get your finance ready," he said.
"At Loan Market, we've developed a 'Buy Ready' guide, which is like a pre-season training kit for first-time buyers.
"It also provides some simple tips… not only account management, but also explains how the deposit process works and what amount is needed, plus advice on how much they can afford to borrow."
Laban talked about Loan Market in detail and how the business can help borrowers walk through every aspect.
"Loan Market advisers will certainly help borrowers out there and take them through the ABCs and make sure they get all their ducks in a row so that they're in the best position possible in applying for the home loan with the banks.
"Some of the stuff is like a foreign language to a lot of the consumers out there… So we make the language really simple for people to understand so that, when we're talking to the banks, we can present it in the best light."
Listen to the full interview between William Laban and Leah and Mark above.
This article is produced in partnership with Loan Market by Today FM.
