When applying for a home loan, it’s important that you have:

  • ‘Genuine savings’. This simply means that you have held at least five per cent of the purchase price for a period of time – usually, three months.
  • Good credit score. Your credit score will be a number between 0 and 1200. The higher it is, the more likely a lender will be willing to grant you a home loan. This will be assessed according to a range of factors such as paying bills and repayments on time.
  • Documentation. When applying for a loan, you may need a range of documents like personal identification, information about income such as a recent payslip, your expenses (such as bills and other costs) your assets and liabilities and so on.