While it might look easy for you to apply for home loans for building granny flats since there are many financial institutions, both private and public ones, the task is not simple. If you don’t want to get into the trap of the fraudster then it is better to be smart and careful. You need to find the one who is ready to give you home loans in Toowoomba, at a cheap rate of interest and is also respected in the business industry.
Now the question is whether you can get a home loan or not? Even if you have a good job still there are some criteria that you need to meet and fulfil in order to qualify for the home loans. Frankly speaking, it is easy to get a house loan if you are planning to construct a granny flat.
The first thing that you need to have is good equity in your present property. Next, you must have a good bank balance. Now the other important thing that can restrict you from getting the loan and which you must be aware of is the loan amount. If the loan amount is higher then you will have to disclose the reason for it to the banks. The same thing you will have to do if you are planning to take a house loan from the money lenders.
But in case you are planning to apply for a loan that is less than 80% of the loan to value ratio(LVR) then you won’t find any difficulty. You will not have to show any kind of evidence. If you want to understand and get better advice as to whom you should approach for a residence loan then it is better to consult with a professional and experienced
Things You Need To Qualify For Home Loan
In order to avoid any issues when applying for the loan to build Granny flat, there are a few other things that you need to show.
- A strong credit history.
- You should have a good job and stable employment.
- Having a good bank balance is highly important.
- Maintaining good credit history is also crucial.
Now if you want the best solution then you must get some help from a professional Toowoomba mortgage broker. They are the ones on whom you can rely to help you in the best possible way. The tips which you can follow to secure a home loan if you have just switched your job or planning to do so are by producing proof of genuine savings, being honest with the money lenders, getting some good recommendations from the employers and colleagues, etc.
So if you are looking for an expert team who can help you in getting home loans in Toowoomba, then you have come to the right destination.
At Unlocked Finance Pty Ltd, our experts will not only help you in getting a home loan at a cheap rate of interest but we will also make all the efforts to help you in connecting with genuine money lenders. Our aim is to help the people professionally, efficiently and at a cost-effective price. Call and book an appointment with us to know more.
