6 Major Eligibility Criteria for Obtaining a Home Loan

You should follow six major criteria if you want to get a good home loan. Make sure the home loan is from a healthy bank, it has no hidden clauses, it should be long-term, competitive rates, You must have the creditworthiness to meet your monthly installment, and last but not least you should have sufficient down payment for your home.

Eligibility Criteria To obtain a home loan, you must be A minimum of 18 years of age. The owner and reside in the property that you wish to buy. A permanent resident or citizen of Australia. The income earner in your family. Able to show evidence of regular employment with an Australian employer or government body. Unable to have a debt service ratio (maximum allowable housing loan repayment) greater than 40% of gross income when combined with any other debts, not including fixed-rate loans like a redraw facility, credit cards, offset accounts, or savings accounts. Overall, there are many different eligibility criteria when it comes to obtaining a home loan. However, the key ones that have been outlined here will give you a solid sense of whether or not you qualify. Please use our tips to help you along the way. We are here to help.