How are home loans assessed?

When you make a home loan application, you will come across the term “serviceability.” It is important to understand this if you want to learn how to get approved for a home loan.  

Serviceability is one of the key factors that a lender will consider when you apply for a loan or for a home loan pre-approval. 

Here, we examine how serviceability is calculated and what steps you can take to improve your assessment. 

In May 2023 the following changes have been announced:

Eligibility criteria for all elements of the scheme – including the First Home Guarantee, the Regional First Home Buyer Guarantee, and the Family Home Guarantee – will be expanded as the Government continues to address Australia’s housing challenges.

Among the main changes are: