The Late Payment Problem

Applying for a mortgage for your first home is scary.

You’ve been saving your deposit forever.

You’ve prepared the paperwork and sent it to the lender.

Your fate is in their hands.

So many aspects can lead to rejection.

That’s what Tom and Sally discovered.

They rented while saving to buy their first property.

They thought a few years of renting and saving would set them up perfectly to buy their first property.

For over three years, they made every rent payment on time.

They were model tenants.

But one oversight halted their plans.

The couple decided to treat themselves to a holiday in January.

Sadly, they forgot to transfer their rent money from their savings into the main account.

The money came out of the account on Monday and made it overdrawn.

Their rent went into default.

They resolved the issue when they got back home.

But, when they wanted pre-approval on their first home loan, the lender said no.

They cited poor rental conduct.

Luckily for Tom and Sally, they managed to resolve the issue.

But not everyone has such an understanding lender.

Their story shows that you have to account for every little detail when applying for a mortgage.

Lenders check every aspect of your history.

Something as small as a single missed payment could ruin your plans.

We want to ensure that this doesn’t happen to you.

And to do that, we aim to make it as easy as possible to get your first mortgage.

We’ll show you more about the grants that are available to you and how to get your first property faster.

Join our First Home Buyer Facebook community to learn more about the framework