Due to liquidity tightening across global financial markets, banks are now looking for 'good risk' borrowers with genuine savings who can demonstrate discipline with budgets and debt repayment, according to Smartline Personal Mortgage Advisers managing director Chris Acret.

"Even seemingly minor things like having a transaction account with certain lenders may add weight to your loan application with that lender," said Acret.

"We find that being disorganised is one of the biggest constraints to having a loan application approved promptly or by the finance due date," he said. "That's hardly surprising, given that we are all so time-poor these days."

And if a lender needs more information during the loan application process, Acret advised the importance of responding immediately, "otherwise the momentum can be lost and it does take time to get it back on track. This is especially the case when refinancing or topping up a loan".

According to Acret, the changes borrowers could expect to see when applying for a loan were: the withdrawal of 100 per cent and 100 per cent plus home loans; the phasing out of no-doc loans and tightening criteria for low-doc loans; closer scrutiny of a borrower's credit history; closer scrutiny of a borrower's ability to service the loan; and better deals for existing customers.