What are the eligibility criteria for a home loan in Australia?

In Australia, the eligibility criteria for a home loan can vary from lender to lender. Generally, lenders will assess your ability to repay the loan through a number of factors such as your income, credit history, and other financial commitments. Income: Your income will be an important factor in determining your eligibility for a home loan. Lenders will assess your income to determine the amount you can borrow and the loan repayment amount you can afford. Credit History: Your credit history will also be assessed by the lender to determine your eligibility for a home loan. Your credit history will provide information about your creditworthiness and ability to repay a loan. Other Financial Commitments: Lenders will also assess your other financial commitments to determine your eligibility for a home loan. This includes any existing loans, credit card debt, or other financial obligations. In addition to the above criteria, lenders may also take into account other factors such as your age, employment history, and assets. It is important to note that the eligibility criteria for a home loan in Australia can vary from lender to lender. It is best to speak to a mortgage broker or lender to discuss your individual situation and to find out what you may be eligible for. Goodrate.com.au is a great resource to compare home loan interest rates and offers from a range of lenders.