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 along with clients position such as visa status, employment status, AirBNB, overtime and boarders along with a host of other things
The interest rate each bank uses to determine if you can repay your loan, known as a servicing assessment varies significantly from 4.79% to 7.80%, so does their minimum cost of living calculation. Therefore your borrowing ability can be significantly different between lenders.
So give us a call today on 03 441 1307 or google Loan Market to book a free appointment and we can help you navigate the complexity of finding the best mortgage for you today.