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Loan applications present avoidable traps

Some common traps await loan applicants, but financing can be made less complex and more beneficial by following a few words of advice.

Graphic of toy house and calculator on loan application
When looking around it's important to have your pre-approval ready to go.

With the Commonwealth Bank and other lenders bringing forward to mid-year their estimation of when interest rates will rise, many homeowners will now be looking at paying higher mortgages.

As investors look to apply for a loan, they will be using calculators online to see what their borrowing capacity might be and what those repayments look like. However, until you have your loan approved it’s all a bit of a guessing game.

Here are some common …