Home loan applicants 'should have all their financial data ready'

Aussies who have already been online to compare home loans and are ready to apply should try to have as much information about their finances to hand as possible.

Chris Acret, managing director for Smartline, told the Sydney Morning Herald that it is "impossible" to have too much data.

The expert noted that it is not uncommon for applicants to receive requests for extra information when they are trying to secure a home loan.

He said preparation could help people to increase the chances that their home loan application will be approved and that it will happen "sooner rather than later".

"Take the time to get your affairs in order first," Mr Acret recommended.

Applicants were also advised to minimise the number of credit and store cards they have and to reduce the limits on their plastic.

Earlier this month in a piece for the Australian, Praemium Limited chairman Don Stammer said home loans represent "good debt".

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