3 Common Home Loan Mistakes & How To AVOID Them (Australia)

Sam: Home loans are complicated. So, how do you make sure you avoid mistakes
that could cost you thousands in the long run, and avoid being declined by a lender? Sam: Hey, guys, it’s Sam. Here at Lendi, we’ve helped thousands of Australians
refinance to a better interest rate or get into their dream property. We know that buying a property or refinancing
to a better interest rate can be complicated, and that mistakes are often made during the
process. Sam: Our goal in this video is to explain the
three most common home loan mistakes Australians make, and what you can do to avoid them. Sam: Now, before we start, if you’re interested
in getting great tips on home loans in Australia, please subscribe to our channel, and hit the
bell so you can get notified when we post new videos. Sam: The first and most common mistake is
not shopping around enough for the best interest rate. It’s quite common to only shop for a new purchase
or refinance or an investment loan with your current lender, under the assumption that
because you’re already a customer of this bank, they’re going to look after you and
give you a competitive rate. Shopping around for more competitive rates
doesn’t take long and can save you thousands in the long run. For more information on how to make sure you’re
on the best rate possible, check out our YouTube video here. Sam: The second mistake is forgetting to review
your credit score. Before you apply for any loan, you should
check your credit score, which you can do for free online. That way you can know if there’s anything
negative on your credit file, which gives you the opportunity to either fix it or work
with a lender that matches your credit score. If you do have a poor credit score, there
are still lending options available. However, it will be more expensive, and there
are generally more fees associated with these products. This is because these lenders deem you a higher
risk of defaulting. For more information of how your credit score
can impact your home loan, check out our YouTube video here. Sam: Third most common mistake is not getting
a preapproval. Unless you have a formal preapproval issued
by a lender, don’t assume it’s going to be an easy process getting the finance once you
find your dream property. Obtaining a preapproval not only gives you
the confidence of what a bank is going to allow you to borrow, but it also allows you
to confidently be able to make an offer once you found that dream property. Sam: That’s it, guys. The three most common home loan mistakes that
Aussies make. Now, if you’re looking for more tips, you
can also join our Home Loan Hacks Facebook group, where we talk all things home loans. Finally, if you found this video helpful,
give us a thumbs up, and if you have any questions, leave them in the comment section below. Sam: Now, if you’re looking for more information
on other relevant home loan topics, check out our videos here. See you next time.

2 comments on “3 Common Home Loan Mistakes & How To AVOID Them (Australia)”

  1. Lendi says:

    Thanks for watching! Have you made one of these common home loan mistakes? Let us know if you found any of these tips useful in the comments section below 😊

  2. Sachin says:

    Thanks this really helped me

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