Do These 6 Things Before Applying For a Mortgage

https://www.youtube.com/watch?v=4N8YjMF0SB4

If you're looking to invest in property, you're going to likely need to get a mortgage. And if you're going to need to get a mortgage, you're going to need to present your finances to the bank in a way that they're happy to lend you money. And today, I have with me Michael Brown from mortgagebrokersydney.com.au. And he was telling me that he spends so much of his time coaching people and things that they need to do to get their finances in order so that they can get a loan, I thought that would be a great thing to talk about to help everyone out there who's looking at getting a mortgage.

Contact Michael - https://mortgagebrokersydney.com.au

0:00 - Introduction1:07 - Have your documentation3:10 - Explanations for expenses4:53 - Regular savings pattern + frugal living7:19 - Reducing your debt + making debt repayments8:35 - Reducing credit card limit12:23 - Get a copy of your credit report15:45 - What point should you engage a mortgage broker19:15 - Benefits of using a mortgage broker

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Transcription

Ryan 0:00If you're looking to invest in property, you're going to likely need to get a mortgage. And if you're going to need to get a mortgage, you're going to need to present your finances to the bank in a way that they're happy to lend you money. And today, I have with me Michael Brown from mortgage broker sydney.com.au. And he was telling me that he spends so much of his time coaching people and things that they need to do to get their finances in order so that they can get a loan, I thought that would be a great thing to talk about to help everyone out there who's looking at getting a mortgage. So hey, Michael, thanks for coming on today. You know, Ron,

Michael 0:30good to be here.

Ryan 0:32Okay, so let's just say someone's looking at investing in property, maybe they've got their deposit at the moment. Generally, I think most people would just be like, Okay, I'm just going to go to the bank and apply for a mortgage straight off the bat or speak to a mortgage broker. But there's a lot of things that they can do to help set them up for success before even getting to that point, or if they're in the process of saving their deposit isn't

Michael 0:53that they absolutely is. And and, and that will just make it much, much easier. Firstly, for them, and then for the the broker and the bank to approve their loan.

Ryan 1:06Okay, so what are some of these things that people need to be aware of or need to start doing before they apply for a loan?

Michael 1:13Well, there's obviously some basics, you can have all of your documentation, you would be surprised how difficult it is for sometimes for me, literally just to get you to send me the information that I need. Now, I know that sounds like basic housekeeping, but your life is going to be easier if you've got some basic things ready.

Ryan 1:33What documentation are we talking about here? Ah, I

Michael 1:36think I'll go through a really brief list. But if nothing else, you could have your payslips ready. Sounds basic, but you'd be surprised how many people can't find them. If you're self employed, really big one have done your tax return, that lots and lots of people who are self employed a front front up with their their tax return from last year or two years ago. And, and sometimes that's enough, but at the moment, you'll find that, particularly after we've, so we've worked our way through the pandemic, self employed, people really need to have their June 2020 tax retur...