First home buyers compare home loan approval to 'first kiss'

First home buyers have a lot to contend with before they get the final tick of approval for their home loan.

A new survey has likened the experience of receiving your first home loan approval to winning a raffle, finishing off early on a Friday and scoring your first kiss from a crush.

It’s no surprise that buyers are experiencing intense feelings of elation upon receiving loan approval - given the increased pressure on banks to impose stricter lending regulations, and on first home buyers to secure a mortgage.

Despite the positive outcomes that were documented from receiving an approval, there was some negative findings about how emotionally taxing the application process can be.

The research revealed that most applicants found it emotionally draining. The statistics state that 50% described the process as stressful. A further 42% of applicants referred to as overwhelming.

St.George’s General Manager, Ross Miller, encourages first home buyers not to be fearful of the application process.

“We want customers to feel like they’re winning at life and get excited about their home ownership goals, particularly at a time where first home buyers are perfectly placed to take advantage of a cooling market and negotiate a price that works for them in a less competitive environment.” Ross said.

“Timing and paperwork are also common challenges with home loan applications.”

Ross suggests that for a strong home loan application that buyers get realistic about their expenses.

“If you’re an avid movie-goer, Uber-eater or shoe shoppers, for example – have a go at giving these up for a few months and test yourself” he suggests.

It’s also important that prospective buyers educate themselves on their financial situation before setting needs and goals.

“The more you know about what’s involved when buying a property, the better you’ll be able to make informed decisions to help achieve your goals!”

Finally, honesty is always the best policy.

Ensure that the information provided to your bank is correct before they go ahead and review the loan.

Fingers crossed that before you know it, you're riding a high like no other.

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