Rising interest rates have had multiple knock-on effects. Aside from the significantly higher cost of borrowing, the average Aussie's ability to borrow has been reduced.
Lenders are clamping down on affordability, which is creating a multitude of unforeseen issues for borrowers looking to purchase or refinance property.
These are some of the traps that unsuspecting borrowers are falling into, with tips on how to spot them and avoid them.
Pre-approval no longer works
When purchasing a property, a borrower will usually seek pre-approval from a lender before they make any formal commitments to finance.
This allows the borrower to purchase a property
