This book equips you with the tools and knowledge to understand how the finance industry works, what to consider when applying for a loan, and who you should use when applying for finance.
It starts off by covering the influencers on the affordability landscape with property, in recent years, within Australia. It addresses the pieces of the puzzle, that when put together, paints a clear picture of what has contributed to the lack of affordability in Australia over recent years.
I then cover the tightening of lending policy, why this has occurred and ramifications for borrowers, since it goes hand in hand with the influencers on the property market and affordability.
The book, then moves on to essential tips and useful information on lending requirements/considerations, finance institution requirements, how to get a loan, what type of loan you may be eligible for, and finance available for different property types.
There are many hurdles in the finance industry that have emerged over the last 12 months, and there will be large headwinds that have already started and will just get stronger, so it is important you have an awareness about them and therefore be more prepared in tackling these issues, so hopefully they may become less of an issue for you.
Lenders’ appetites really fluctuate; diversification is therefore becoming one of the most important considerations when obtaining finance.
Some of the other issues you could face may be not knowing how to apply for a loan successfully, or whether all your income will be used toward servicing the loan on the lenders serviceability calculator. Lenders always use a borrowing capacity calculator (servicing calculator) to determine what a person can borrow.