How can I improve my chances of a successful home loan application?

There are two ways to improve your chances of securing a home loan.

• Have a good credit record.
• Apply to multiple banks.

Your credit record is the most important factor banks assess when determining whether to approve your application. It’s a three-digit number that summarises your financial situation.

A credit record of at least 610 is required to secure approval. If your credit record is too low, you can improve it by paying off debts, settling accounts, and keeping your credit ratio down to around 30%.

But the best way to secure approval is to apply to multiple banks, which you can do with ooba Home Loans.

We submit your application to multiple banks and act as a liaison between you and the banks. Banks have different lending criteria, and competition to secure customers is strong. Some may be more willing to approve your application, even if your credit score is low.

So apply for a home loan with ooba Home Loans to get the best chance of home loan approval.