{"id":19060,"date":"2019-01-23T10:32:47","date_gmt":"2019-01-22T23:32:47","guid":{"rendered":"https:\/\/timesnewsgroup.com.au\/ballarat\/?p=19060"},"modified":"2019-01-24T09:07:14","modified_gmt":"2019-01-23T22:07:14","slug":"how-are-mortgage-applications-affected-by-property-prices","status":"publish","type":"post","link":"https:\/\/timesnewsgroup.com.au\/ballarat\/real-estate\/how-are-mortgage-applications-affected-by-property-prices\/","title":{"rendered":"How are mortgage applications affected by property prices?"},"content":{"rendered":"

WITH VIEW.COM.AU<\/strong><\/p>\n

IF you\u2019re looking to get a home loan, it\u2019s likely that you\u2019ve been following the property market for a little while.
\nAustralia has experienced a huge change in the property market in the last decade with changes in sales dramatically affecting mortgage applications and approvals from lenders.<\/p>\n

The background<\/strong><\/p>\n

Rewind to five years ago and it was pretty easy to get a mortgage application, home loan approvals were common and this led to almost six years of rapid growth \u2013 especially in key cities such as Sydney and Melbourne.<\/p>\n

Now however, times have changed, and in September 2018 property prices were falling for the eleventh month in a row.<\/p>\n

Banking royal commission rules are getting tighter especially around those looking to refinance loans.<\/p>\n

There\u2019s a real slump in property prices and you\u2019ll want to consider how this affects your mortgage application.<\/p>\n

First time buyers<\/strong><\/p>\n

Lower property prices can be helpful to first time buyers who are taking the decision to wait and see what bargains they can find.<\/p>\n

As the number of buyers looking for investment properties drops, there is now more space for mortgage applications from first time buyers.<\/p>\n

Property prices are dropping overall \u2013 not just in the major cities but also the country so it\u2019s a good time if you\u2019re looking to get on the property ladder.<\/p>\n

Background checks<\/strong><\/p>\n

Whether it\u2019s cause or effect, property prices have also dropped in line with increased background checks and the decrease in interest-only loans.<\/p>\n

Naturally the increase in background checks has means that more mortgage applications are being rejected as they simply can\u2019t get approval as easily any more.<\/p>\n

Your mortgage application<\/strong><\/p>\n

Whilst property prices in Australia have no doubt fallen, it\u2019s hard to generalise the effect this can have on home applications overall.<\/p>\n

Your mortgage application, and whether it is approved or not, will depend heavily on your individual circumstances and financial situation.<\/p>\n

Consider some of these factors when it comes to making a mortgage application for your dream home:<\/p>\n

\u2022 Your monthly income
\n\u2022 Your existing debts
\n\u2022 Your Loan to Value Ratio
\n\u2022 Your current credit score
\n\u2022 Any past black marks in your credit history
\n\u2022 The type of property you\u2019re buying<\/p>\n

Ask for help<\/strong><\/p>\n

It\u2019s clear that mortgage applications will always be affected by property prices as the two are inextricably linked to the housing market overall and if you\u2019re unsure on this or want to understand it further, ask for expert help.<\/p>\n

It\u2019s especially important for those considering a home loan application to really understand the property market in Australia today to make the best financial decision moving forwards.<\/p>\n","protected":false},"excerpt":{"rendered":"

WITH VIEW.COM.AU IF you\u2019re looking to get a home loan, it\u2019s likely that you\u2019ve been following the property market for a little while. Australia has experienced a huge change in the property market in the last decade with changes in sales dramatically affecting mortgage applications and approvals from lenders. The background Rewind to five years […]<\/p>\n

Read More…<\/a><\/p>\n","protected":false},"author":129,"featured_media":19061,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[29],"tags":[],"post_folder":[],"class_list":["post-19060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate"],"acf":[],"yoast_head":"\nHow are mortgage applications affected by property prices? - Ballarat Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/timesnewsgroup.com.au\/ballarat\/real-estate\/how-are-mortgage-applications-affected-by-property-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How are mortgage applications affected by property prices? - Ballarat Times\" \/>\n<meta property=\"og:description\" content=\"WITH VIEW.COM.AU IF you\u2019re looking to get a home loan, it\u2019s likely that you\u2019ve been following the property market for a little while. 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