How does my income affect my home loan approval?

If you're purchasing, we obtain a pre-approval based on your current income. If your circumstances change before we obtain a formal approval (when you find a property and sign the contract), it can affect your approval

Your income is one of the most important factors when it comes to applying for a home loan. Lenders want to know that you have a steady income and are able to make your loan repayments. Your income will determine the size of loan you can borrow, as lenders will assess your ability to make repayments by looking at your income and your living expenses. The loan amount you can borrow will also depend on the type of loan you are applying for. When you apply for a home loan, lenders will take into account your income, assets and liabilities. They will also assess your credit history and any other debts you may have. The lender will also look at your employment history and whether you are employed full-time, part-time or casually. They will also assess your income stability and whether you are likely to be able to make your loan repayments over the life of the loan. Your income is an important factor when it comes to applying for a home loan, so it’s important to make sure you have a steady income and are able to make your loan repayments. To find out more about current interest rate offers, check out https://goodrate.com.au/home-loan.