You'll need to provide a bit of information to a lender to assist them with calculating how much they're willing to lend you.
"And if you got to a lender and you've done 10 inquiries, they'll ask you about it — and that's always been a factor."Under these circumstances Mr Jovcevski says first-home buyers in particular might have to startFirst-home buyers in particular might have to start cutting back on their spending earlier.
"Make sure you're paying off your credit card debt or AfterPay and try cutting back on your Uber Eats … get your spending in order," he said."So for first-home buyers setting aside the amount the loan would be, that you're looking to get in, those prior few months would make the banks feel more comfortable."
For example, if you're looking at a $600,000 loan with repayments of $2,000 a month, set aside that amount every month before you actually apply for the loan.