I have The Money, Does It Matter That It’s Just Me?
It won’t stop you but it can limit you. Let us explain, you see everything in banking is to do with risk and yes it is considered more risky if there is only one person applying for a home loan. The reason for this is because with a dual applicant there are two incomes and in case one of the applicants lose their job or income stream, you still have the other applicant to be able to support the repayments.
Let’s Give An Example
Jim earns $120k per year and applies for a loan, does not get approved.
Steve and Sue earn a combined salary of $100k per year, they get approved.
This is because even though they earn less than Jim, they are considered less risky to a lender.
The Good News!
We ask you before you apply. This is why we have this section. So you can put who is applying and filter out those loans that don’t match, whilst attracting to those that do.this means you only see loans that you have a high likelihood of being approved for and you less chance of getting knocked back.