Video with Sumit Joshi, RyRo Loan Centre
Four tips for the best chance of approval
- 0:47
- Posted 13 June 2025
- Read the transcript
What this video covers
Four tips for the best chance of approval on your first home loan: steady income, the biggest deposit you can manage (less lenders mortgage insurance), a clean credit file and fewer other debts.
Related: LMI calculator
Transcript
What Sumit says
0:00Here are my four tips for first home buyers for the best chance of mortgage approval. Tip number one, have a stable income, maximize any overtime, bonus or commission if you can. Tip number two, have the larger deposit if possible, higher the deposit, lower the lender's
0:18mortgage insurance and you also get a better interest rate for it. Tip number three, have the best credit file possible which means make sure all the payments are done on time for all the loans or utility bills if you have. Number four, if you have any credit cards, car loans, personal loans or any other kind
0:38of loans, either reduce it if possible, close them down which will give you the maximum borrowing capacity for your loan.
Transcribed from the video and lightly corrected. General information only, not advice for your situation. See our disclaimer.
More videos
Sumit · 1:35What banks look at before they lend
The three things a bank looks at before it lends on your first home: your total income (including overtime and bonuses), the debts you already have, and the savings you have for the deposit and stamp duty.
Sumit · 1:07Buying a home in NSW, step by step
The six steps from finding a home to settlement in NSW: the initial deposit, the contract, the five day cooling off period, the 10% deposit and settlement, usually about 42 days after the contract is signed.
Sumit · 0:24First home buyer? Questions to ask first
The questions a first home buyer should answer before they apply: do you qualify for the government scheme, which lender suits your situation and how much savings you need.
Talk to a broker
Every situation is different. Talk yours through.
We generally respond within an hour. Prefer to pick a time? Book your strategy call online or contact us.
Sumit Joshi JP
Principal broker, Credit Rep 446824
- A broker reads your details and calls you back
- No obligation and no credit check
- Free for home loans: the lender pays us
- From 360+ Google reviews
- 5.0
- Clients helped
- 2,500+
- Broker fees on home loans
- $0
“Sumit is an outstanding mortgage broker. He patiently worked through our application and got us an awesome result when many other brokers wouldn't assist as we are small business owners. Thank you!”
Sumit Joshi JP, Credit Rep 446824. AFG Award Winner 2013 to 2019 and AFG Excellence Awards finalist 2022 to 2026.