Why You Might Not Get a Mortgage – Even If You Can Afford It | Ep. 36
- Author
- Opes Partners
- Published
- Fri 18 Oct 2019
- Episode Link
- https://podcasters.spotify.com/pod/show/propertyacademy/episodes/Why-You-Might-Not-Get-a-Mortgage--Even-If-You-Can-Afford-It--Ep--36-e7rd7m
In this episode, we are once again joined by Josh Graham from Roost Mortgages. And we discuss that even if you think you can afford a mortgage at the current interest rates, the banks may not approve your application.
The reason is that banks have higher servicing 'tests' that they run your mortgage application through. This means that even if you go on a 3.65% interest-only loan, they will test you on principal and interest at 6.95% in some cases.
We discuss ways to combat this, and also what it all means for property investors and first home buyers.
If you want to learn more about property investment, head to Opes Partners website.
