The Best Advice for a Loan Interview

 

Need an easy home loan? Or similar? Loan interviews can be daunting, especially if it is your first one. Although, if you have your documents in order, believe that the amount you request is reasonable and you know exactly what you want out of the loan it will make your interview a piece of cake.

Having a good relationship with the lending institution can lead you to an easy home loan

Having a strong relationship with your bank gives yourself the best chance to get your loan approved. Think of it from the banks perspective, they are lending you their money, in the hope of helping not only your financial situation in the long term but their own situation as well. Prepare to demonstrate that you are loyal to the bank and have been a great customer. For example, talk about your credit rating, your business history or how long you have had your bank accounts for. Highlight anything positive about you and your relationship with the bank.

Do you need the money for a mortgage on a house or a commercial property loan?

The interviewer will most certainly ask what do you need the money for? Answer this by stating clearly what you intend to do with the money and bring documentation to validate your intentions. If it is for a mortgage on a house, bring documentation relating to the house. This might include market evaluation papers from a real estate agent, pictures of the house, where the house is located and give a good explanation of why you want the property. If it is for a business, or a commercial property loan,  bring documentation relating to your business. This should include a business plan, what service you are offering or the product that you are selling and make sure to explain why your business will be successful.

 

  • Note, you don’t have to go to a bank for  loan, private institutions also give loans to people, like Elephant financial, MoneyMe or Mozo

 

 

Current Employment Status and Income

The interviewer will ask you about your current financial and employment status – you may want to contact business finance brokers prior to your interview. This is where you need to highlight that you have a job that is secure in the long term and that it is giving you a good stream of income. If you don’t give the interviewer enough confidence that you will be able to meet your loan repayments they will likely keep questioning you about this topic and the bank will consider not approving your loan.

 

Make it clear to the Interviewer what you want the terms of the loan to be!

Tell the interviewer the exact detail of what you want the exact terms of the loan to be. Explain to the interviewer:

  • – Exactly how much money you want.
  • – How often you will make repayments.
  • – Whether you want a fixed or variable interest rate for your loan.
  • – How long you want the loan to last for

 

Anything regarding the terms and detail of the loan should be made clear to the interviewer. This demonstrates to the interviewer that you have done your research and that your confident about being able to repay the loan. If you come across as unsure about what you desire from the terms of the loan, the interviewer and the bank won’t be confident and they may not approve your loan request, especially if it is a big bank like ANZ.  

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