Mortgage Minute: Are all banks the same?

In this mortgage minute we explain how no two banks are the same. 

Every borrower is unique and not all mortgages are created equal, nor are any two banks the same in how they assess your mortgage application. 

Each lender will evaluate your borrowing position in relation to their own set of criteria, which can vary significantly between the large panel of banks and lenders we work with. 

They all have different policies, which define how they view various property types. they combine this along with clients position and a number of other criteria including the following.

  • Visa status
  • Employment status
  • AirBNB income
  • Overtime
  • Boarder income

The interest rate each bank uses to determine if you can repay your loan is known as a servicing assessment, and this varies significantly between banks. The minimum cost of living calculation also varies between lender. Therefore your borrowing ability can be significantly different between lenders. 

So give us a call today on 471 8825 or Google Loan Market Dunedin to book a free appointment and we can help you navigate the complexity of finding the best mortgage for you today.