FINANCE
To take the guesswork out of this , you can use tools like ooba ’ s Bond Calculator to input your gross monthly income , net monthly income , total monthly expenses and desired repayment term as well as the current interest rate to see both the total bond you would qualify and what your monthly repayments would be .
3 . How to Boost Your Chances of Approval The latest oobarometer in Q1 ’ 24 reveals that while national bank approvals on home loan applications were at 66.4 % in the first quarter of 2024 , approval rates secured in the same period stood at 83.4 %. present and correct .
Another way to boost your chance of approval is by getting prequalified . This can be done for free online , with a tool that checks your credit score , income and expenses to assess affordability .
Upon completion , you ’ ll be issued with a pre-qualification certificate . Our data shows that over 90 % of home loan applications that are submitted with a pre-qualification certificate are approved .
You have a higher chance of your home loan application being approved when using a home loan comparison service because we submit your application to multiple banks ( up to eight ) - and different banks have different lending criteria .
Home loan comparison services also have longstanding relationships with the country ’ s biggest lenders and will scrutinise your application to ensure that all the necessary information is
70 JUNE 2024 Real Estate Investor Magazine