Give your loan application the best shot

Give your loan application the best shot

With the right support, securing finance can be simple.

Whether you’re buying a car, planning a holiday, or looking to buy your first home, there are many reasons you may need to seek out finance.

To give your loan application the best chance of approval, you’ll need to do the necessary groundwork.

Check your credit power

Before applying, check your current borrowing power to see what may be available. It’s also worthwhile to review your credit score.

Your credit score will be able to give you an indication of what options you are likely to have. The higher the credit score, the more choices you will have.

Consolidate existing debts

If you have multiple, smaller debts, it could be worth looking into your debt consolidation options.

By rolling your debts into one repayment, some lenders may look at your application more favourably.

A personal loan is another option for managing debt that you might want to consider.

Review the criteria

Check the loan criteria to assess if you are eligible. Requirements may include good credit history, stable employment, and a regular minimum income.

Most lenders make this information available, but if you’re unsure, contact them directly to discuss your eligibility without submitting a formal application – or contact a broker.

Talk to a Liberty Adviser

With expert knowledge about a range of lenders and products, an adviser can help you better navigate the application process.

A Liberty Adviser will also be aware of any grants – such as the government’s new First Home Loan Deposit Scheme – that you may be eligible for.

Remember, a rejected application will show on your credit file and it can be a red flag on future applications, so you want to get it right the first time.

To find out more about applying for finance, contact a Liberty Adviser today.

 

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Approved applicants only. Lending criteria apply. Fees and charges are payable. Copyright © 2019 All rights reserved | Liberty Network Services Pty Ltd (ABN 65 151 158 628/Australian Credit Licence 408042) (LNS) is a wholly-owned subsidiary of Liberty Financial Pty Ltd (ACN 077 248 983/Australian Credit Licence 286596). Liberty Network Services has access to products including those from Liberty Financial.