What factors influence home loan application approval?

The two most important factors that influence your home loan application approval are your deposit and your credit record.

The deposit usually amounts to 10% of the purchase price of the property, but a higher deposit will increase your chances of approval and lower your interest rates.

Your credit record is the most important factor. This is a three-digit number that represents your financial situation. A credit record of at least 610 is recommended to have a chance of home loan approval.

You can find out your credit record by getting pre-approved with ooba Home Loans.