First Home Buyer Tips: Get your Assets & Liabilities in order

Whilst you may not have a lot of assets or liabilities, it is always good to have a clear list ready for your lender.

An accurate way to work out exactly what your commitments are is to obtain a recent statement for all personal loans, car loans and/or credit cards you may have. The lender will almost always ask for up to date figures and paperwork to support the information you entered in your loan application so it is a good idea to have these documents ready.

It is advisable to not make any major purchases, such as a car, truck, boat or motorcycle that requires you to gain finance (a loan) in the lead-up to applying for a home loan. This will only increase your debt-to-income ratio and that’s something loan assessment officers will look closely at. For the same reason, it is best not to buy furniture or big-ticket items on credit at this time as it also will increase your debt and make it harder for the funder to respond to your home loan application with a positive answer.

Having a lot of debt increases your debt-to-income ratio. This is a key factor that lenders use to determine how much debt you can comfortably manage. Before you apply for a home loan, make sure that your credit card balances are low.

Refrain from using your credit to make purchases if you need to acquire a home loan. If your credit card balances are already high, start paying down the balances and keep them low.

Trusted Mortgage Broker has a great range of tools to help with all those tough decisions that come with finding the right loan. For more information contact us today

Disclaimer: It is designed for publication, to provide you with factual information only, and it is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. If you need financial or tax advice you should consult a licensed financial or tax adviser. The information in the article is believed to be reliable at the time of distribution, but neither Ok loans nor its accredited brokers warrant its completeness or accuracy. For information about whether a non-bank loan may be suitable for you, call us on 0431579459

Credit Representative Number 534490 is authorised under Australian Credit Licence 384704. 

6 Home deposit saving tips if you’re self-employed

Handsome businessman having Video Conference at home

When you’re self-employed you know only too well, your income can vary each month and that makes saving up for a home pretty tough going. If you really want to show potential lenders you’re a good candidate for a home loan, having a history of steady, regular savings is a really great place to start.

Here are six ways you can amp up your ability to put that money aside.

1. Doing well?

Save more When things are going well and you’re earning more money, don’t be tempted to splash out and reward yourself – keep your eye on the bigger, more important goal you care about. Stash a good piece of that extra cash. The real reward is the bigger number in your interest earning savings account.

2. Set yourself a target

Work out where you want to live first, then calculate how much you need to save for a deposit in that area – and don’t forget to add on those extra costs like stamp duty and legal fees. Remember that, depending on the product you‘re applying for, different lenders may charge different fees. It’s technically possible to get a loan with a five per cent deposit, but hitting the 20 percent target will help you avoid extra fees.

3. Watch your progress

It’s not just kids that respond to visual reminders – we all do. Make a colourful wall chart of your savings target, so it is always front of mind and you can see it grow when you add each new amount to the top.

4. Be smart with taxes

If you’re self-employed, there are tax deductions for business related expenses that can really add up to help you save. These might include things like home office expenses. To get good information about what you can claim, check out the ATO website or have a chat with a qualified tax professional or an accountant who can help.

5. Always put a little something away

A little goes a long way. When your income is different each month it can be tempting to only put money aside when you get large payments in. Everyone’s situation is unique but if you save a bit of what you earn every time you get paid, you’re always working towards your own home target and you’re getting there one step at a time, every time.

6. Protect your income


If you can’t work because of injury or illness, income protection insurance can help cover for lost income so you don’t use your deposit savings to live on. ASIC’s Money Smart website offers some good tips and information about income protection insurance that’s worth checking out.  If you’d like more information talk to us today about how we may be able to put you in touch with a lender that can help if the major banks say ‘no’ to your loan application 0431579459.

Disclaimer: It is designed for publication through Accredited Brokers, to provide you with factual information only, and it is not intended to imply any recommendation about any financial product(s) or to constitute tax advice. If you need financial or tax advice you should consult a licensed financial or tax adviser. The information in the article is believed to be reliable at the time of distribution, but neither Ok loans nor its accredited brokers warrant its completeness or accuracy. For information about whether a non-bank loan may be suitable for you, call us on 0431579459