{"id":4239,"date":"2019-05-23T10:58:01","date_gmt":"2019-05-23T00:58:01","guid":{"rendered":"http:\/\/wordpress-371694-1179511.cloudwaysapps.com\/?p=4239"},"modified":"2019-05-28T14:14:26","modified_gmt":"2019-05-28T04:14:26","slug":"how-to-get-ready-for-a-loan","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/how-to-get-ready-for-a-loan\/","title":{"rendered":"How to get ready for a loan"},"content":{"rendered":"\n<p>When a lender looks at a loan application, they look at two main\nareas. <\/p>\n\n\n\n<p>The first is that they make sure that your income will be enough\nto cover not only the loan repayments with a buffer to allow for future rate\nincreases but your existing commitments and your Monthly Living Expenses. <\/p>\n\n\n\n<p>The second is to also look at what you have done with your money\nup until now so even though you may earn heaps of money and may easily have\nenough to service the loan, some lenders will want to know what you have been\ndoing with your money if you have nothing in the bank. <\/p>\n\n\n\n<p>Both issues are linked because if your life is all about\nrestaurants, takeaways and coffee, then this will be reflected in your Monthly\nLiving Expenses and it may be hard to convince a lender that you will be able\nto stop these in the future. <\/p>\n\n\n\n<p>So, if you are thinking about getting a Home Loan, here are some\nbasic housekeeping rules that you need to keep in mind:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Do not overdraw your accounts unless you have an overdraft approved. It does not matter if it is 1 cent for 1 day, it will still be a black mark. Repeated overdrawing will be a red flag for any lender<\/li><li>Do not go over your credit limit on any credit cards<\/li><li>Consider whether you need your credit card and, if you do, consider whether you can reduce the limits<\/li><li>Make sure that all loan and credit card repayments are made on time<\/li><li>Cut down on the luxuries in life and excessive spending  to show that you can reduce your living expenses.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>When a lender looks at a loan application, they look at two main areas. The first is that they make sure that your income will be enough to cover not only the loan repayments with a buffer to allow for future rate increases but your existing commitments and your Monthly Living Expenses. The second is [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-4239","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to get ready for a loan &#183; FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/how-to-get-ready-for-a-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to get ready for a loan &#183; FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"When a lender looks at a loan application, they look at two main areas. 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