How to get that home and loan

Getting your mortgage pre-approved by a lender is a great way to position yourself to move quickly at an auction, says The Money Store founder Tony Harris.
He said something as simple as missing a payment on a credit card could affect your chances of getting a loan when your lender assesses your application.
Mr Harris said lenders liked to see examples of savings, even if it was just $50 a week.
He said there was no secret strategy of how to win an auction, however agents had reported that being the first and last bidder jangled the nerves of rival bidders.
Financial columnist David Potts said most lenders figured in a 1% rise in interest rates when assessing your ability to repay the loan.
He said people without a 20 per cent deposit would have to pay Lenders’ Mortgage Insurance, which could wipe out the benefits of a first-home buyers grant.
Mr Potts said fixing a loan below about the 5% mark was a cheap price to pay for years of certainty in knowing how much you would have to pay if interest rates increased.

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