Getting married is one of life’s biggest milestones – a moment of pure happiness and celebration that opens the door to the rest of your lives together.  

 

Scott Baker from Liberty shares with us the lending options you may want to consider for your big day and beyond. 

 

1. Start planning early 

It’s never too early to start planning for your future. Whether it’s in a year, or five years down the track, milestones like your wedding, owning a home, or starting a family all benefit from a game plan. If you’re looking at reaching a few of life’s big milestones while planning your wedding, it’s worth considering how you’ll achieve this. For example, if you plan to own a home soon after your big day a mortgage broker can get you started on your journey and walk you through each step of the lending process. For any big financial decision, it’s worth consulting a professional to look at things like a savings plan, debt reduction or your borrowing capacity to put you in the right position from the start. 

 

    2. Work out what’s important to you 

Knowing what’s really important to you both as a couple should be an exercise you do early on. Sit down together and think about some of the milestones you want to plan for - write a ‘must-have’ and ‘nice-to-have’ list when it comes to things like your wedding, property, cars, honeymoon etc. If you know what you need and what you’re happy to compromise on, you’ll be able to better assess your lending needs down the track.   

 

    3. Be boring 

Some lenders require up to three months of bank statements before moving forward with a loan. They look at your living expenses, if you have any undisclosed liabilities and what your savings pattern looks like. It’s important to be boring - lenders love to see very predictable spending and savings patterns, so hold off on buying the big one-off purchases for now.  

 

    4. Get pre-approved  

If it’s a house you’re ready to prioritise, getting a loan pre-approved is an important step. This is where your broker can submit a loan application to a lender and the lender assesses your finances as part of getting an indicative approval up to a set amount. Knowing your exact budget can give you peace of mind and the confidence to make an offer on a property or bid at auction. 

 

    5. See a Broker 

It’s never too early to discuss your short and long-term lending goals with a trusted expert. A broker can help educate you on the journey, manage the loan application process and work with you long after you’ve signed on the dotted line. In the years ahead, your goals might change. You may want to renovate, upsize or even invest. A great broker will be with you for your exciting journey as a new family and beyond!