Eight ways to strengthen your loan application

An approved loan application thanks to tips on how to strengthen your loan application

Scott Palazzi from Loan Market shares his tips to strengthen your loan application.

Here are some quick tips to enhance your creditworthiness when seeking a loan:

Review your credit report

Obtain a complimentary copy of your credit report to ensure accuracy. Rectify any errors promptly by contacting the credit reporting agency.

Evaluate your spending habits

Scrutinise your bank statements to identify areas of unnecessary spending or unused subscriptions. Unsubscribe and create a budget to exhibit responsible financial management.

Settle outstanding debts

 Consistently meet debt repayments and consider making extra payments where feasible. This not only reduces interest but also demonstrates responsible debt management.

Debt consolidation

Assess the possibility of consolidating various debts such as home loans, car loans, credit cards, and personal loans to potentially save on overall costs.

Minimise unused credit 

Cancel unused credit cards to reduce the available credit amount, as lenders consider this factor when determining the loan amount.

Space out credit applications 

Avoid submitting multiple credit applications in a short period, especially after a loan rejection. Lenders may view frequent applications with caution.

Showcase genuine savings: 

Regularly deposit money into your bank account to demonstrate consistent savings habits. Cash gifts or inheritances may boost your deposit but don’t necessarily reflect ongoing saving behaviour.

Consider professional assistance: 

Engage with an experienced broker who understands lender policies. A broker can guide you through the application process, increasing the chances of securing a suitable loan.

Whether you’re aiming to buy your first home, upgrade, invest in property, or refinance, I can assist in finding the optimal solution and ensuring a robust loan application.

Scott Palazzi – Loan Market
0413 747 283

Read next:

Getting the financial foundations set for building a home

Ask the Experts: Could debt consolidation be worthwhile?

Why 2024 could be a good time for first-home buyers 

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