Having a steady income from your employer or if you're self-employed is an essential requirement in the lending process. It dictates whether or not you are able to service the loan amount you want, this is called ‘serviceability’.

• Hold a stable income from employer or self-employment.
  
• Higher income or multiple streams of income will equate you with larger loansMultiple streams of income examples:
• Multiple streams of income examples:
  ‍
  ●Full Time Employment
  ●Rental/boarder Income
  ●Bonds/Shares Dividends
  ●Government Benefits
  ●Side Hustle Business  
  ‍

Having a good savings and house deposit is another essential step in getting you closer to purchasing the property of your dreams. Typically banks will require a 20% deposit of the total loan amount you want to borrow for first homebuyers.

• It’s compulsory for you to have good savings and enough for a house deposit.
• First Home Buyers, banks will typically require a 20% deposit upfront.
• Percentages can change according to your circumstance.
• Bigger Upfront Deposits can lower the total amount to pay back.
• Assets and help assist with your deposit.

This is the area that usually trips people up, but being aware of your debt and liabilities helps you to focus and direct some attention in this area that requires immediate action and stay clear from while moving forward.

• Examples of Debt/Liabilities;
  
  - Credit Card Debt
  - Personal loans
  - Student loans
  - Outstanding fines/automatic payment