Your home loan application checklist

Planning to purchase a property in the near future?

Here’s what you can do now to improve your chances of being approved for a home loan down the track.

Do your research

Conducting research and contemplating the most suitable home loan for your needs is a wise step. If the certainty of knowing your consistent repayment amount for budgeting appeals to you, a fixed home loan might be a fitting choice. However, it’s crucial to consider that there is speculation about interest rates decreasing in 2024. Opting for a fixed-rate loan means you won’t take advantage of potential interest rate drops.

On the other hand, if you value flexibility and are comfortable with the possibility of your interest rate fluctuating with changes in the cash rate, a variable home loan could be more in line with your preferences. As your 1st Street Mortgage Broker, we can explain the nuances between fixed and variable mortgages. Additionally, we can guide you on how you might benefit from features aimed at saving on interest, such as offset accounts and redraw facilities.

Clean up your credit rating

When you apply for a home loan, lenders look at your credit report.

If you’re not well-versed in this matter, your credit report comprises a credit score, ranging up to 1000 or 1200, depending on the credit reporting agency. This score serves as an indicator of your reliability as a borrower. The report encompasses details about your management of past or existing loans and debts, along with your repayment history.

You are entitled to receive a complimentary copy of your credit report every three months from the following credit reporting agencies:

  • Experian 1300 783 684
  • illion 132 333
  • Equifax 138 332

If you observe any discrepancies, promptly contact the agency to rectify the issue. Take proactive measures to maintain a clean credit report by:

  • Paying your bills on time;
  • Limiting applications for credit;
  • Paying off your credit card; and
  • Reducing your credit card limit.

Domino your debts

This is an opportune moment to settle any outstanding debts, including personal loans, car finance, unpaid credit card balances, or any other outstanding debts.

When evaluating your home loan application, lenders take into account factors such as your income, expenses, and existing debts. Demonstrating that you have sufficient funds to not only cover your existing debts but also to meet the repayments for the home loan can bolster your credibility in the eyes of the lenders.

Get busy saving

The larger the deposit you can save, the more appealing you become as a borrower to lenders. Typically, aiming to save 20% of the property’s value is advisable.

Nevertheless, there are alternative ways to enter the property market if you haven’t saved a substantial deposit. Some lenders may consider borrowers with a 5% deposit, given they meet specific conditions.

It’s essential to note that if you borrow more than 80% of the property’s value, you might be required to pay Lenders’ Mortgage Insurance.

Avoid switching jobs

Lenders place significant importance on employment stability when evaluating borrowers. They seek assurance that you possess sound spending habits, a robust credit history, and are engaged in secure, long-term employment.

Moral of the story? If you have plans to purchase a property in the near future, it’s advisable to avoid changing jobs to maintain a favourable standing with lenders.

Get the ball rolling

If you’d like to talk through the first steps of getting a mortgage, we at 1st Street Financial are here to help.

We can organise pre-approval on your finance so that you can start shopping for the right property. Get in touch with your 1st Street Mortgage Broker today.

Are you a first homebuyer looking for


We can help get you into your new home.

We’ve worked with clients across Australia to access the different first home owner grants (FHOG) as well as the various stamp duty and other concessions that may be available depending on which state you are in. We can talk you through your various options as well as helping you compare things like buying vacant land vs. an established home.

Enquire today!

your numbers

Use our online calculators to work out how much you can borrow, loan repayments, stamp duty and lots more.

View calculators

With 40+ lenders to choose from, the options are never ending!

A word from our satisfied customers

Maxine Zhong
Maxine Zhong
19 October 2023
Amanda has been such an incredible support throughout our very first time going through the home loan process. Her thoughtfulness to regularly check in to make sure all our questions were answered and that all our documents were in place helped to make the whole daunting process feel seamless and easy. I could not recommend her enough - she made sure to keep us informed every step of the way and made sure all necessary documents/processes were completed well ahead of time so we never had to worry about missing any steps. She went well above and beyond her role, and I know we will definitely be coming back to her in the future, as well as recommending her to all of our networks! Thank you again, Amanda!
Mark Nesbitt
Mark Nesbitt
11 October 2023
Greg and the team provide an outstanding service. Highly recommended
Christine Tran
Christine Tran
23 September 2023
Yuval handled my first ever home loan, he did such an amazing job I asked to him to refinance for me 2 years later. Yuval made everything very easy for me, and will give his best recommendation as if it was his own. Would always recommend Yuval :)
David Petrini
David Petrini
25 August 2023
Yuval Bloomfield was an absolute delight to work with. He made it extremely easy for my clients to discuss about their financial situation. With Yuval's strong connections he was able to get the loan my clients wanted in very quick time. Will definitely refer Yuval again.
Sophie Linehan
Sophie Linehan
24 August 2023
Greg and the team at 1st Street were fantastic all the way through the process of getting our financing sorted and buying a new home. They not only secured us the most competitive mortgage in the market but they also gave advice on a number of mortgage-adjacent questions that came up along the way. Their responsive and thoughtful guidance helped make the nail-biting process clear and calm. We would definitely recommend their services.
Gabrielle Scott-Jones
Gabrielle Scott-Jones
18 August 2023
Greg and his team gave me exceptional advice and support. They were timely and detailed in their responses and dealt patiently with me as a first home buyer and all of my questions. The lender at the bank commented on how well I was being looked after compared with other brokers in the market. I’d highly recommend 1st Street to anyone, including friends and family.
Eli Simic
Eli Simic
15 August 2023
Great communication and fast service
Richard Kuipers
Richard Kuipers
11 August 2023
Jeremy and his team are superb. Negotiated the best deal for us and were an absolure pleasure to work with. Highly recommended, you can't do any better in my opinion.
Jordan Rivkin
Jordan Rivkin
1 August 2023
The team at 1st Street truly are professionals. I can't recommend Jeremy highly enough, he is extremely competent and just a great guy. You're in safe hands with 1st Street!
Yossi Bengida
Yossi Bengida
23 July 2023
Another amazing job by David and Bree. Always available for our questions, helpful and just 10/10 Seriously good work !! See you on the next one :) Yossi and liz