The most common home loan mistakes are not showing a consistent savings history, comparing only the headline interest rate, and spending more than you declare. Lenders usually want to see around three months of regular saving (gifted money deposited in one go often doesn't count as genuine savings), and they check your actual spending against the living expenses you declare.

In this video, the McKern Finance team explains why you should compare the comparison rate (which includes most fees) rather than the advertised rate. For business and commercial loans, the most common mistake is going to the wrong lender: not every bank does construction loans or likes every industry, which is where a broker's knowledge of lender appetite helps.

In this video

0:01 Common mistakes: residential lending

1:23 Common mistakes: business/commercial lending

General information only, not personal advice.