What are the four things you need to qualify for a mortgage?

To qualify for a mortgage, there are several requirements you typically need to meet. The specific requirements may vary depending on the lender and the type of mortgage, but generally, you’ll need to have:

• Proof of income: You’ll need to demonstrate that you have a steady source of income that is sufficient to cover the mortgage payments. Lenders will typically ask for proof of income, such as pay slips, tax returns, and bank statements.
• Good credit history: Lenders will evaluate your credit history to determine whether you’re a responsible borrower. They’ll look at factors such as your credit score, payment history, and outstanding debts.
• Adequate deposit: You’ll typically need to provide a deposit towards the purchase price of the home. Most lenders require a deposit of at least 5% of the home's value, although a higher deposit may be required to avoid paying Lenders Mortgage Insurance (LMI).