As a first time applicant, there will undoubtedly be several things that you’re feeling concerned about. For instance, you might be worried that you’re a little short of the mark as far as your deposit is concerned, or maybe you’re anxious about the interest rates that you have decided to go for – especially if you’ve just learnt that there may be more competitive alternatives out there.
But if you cut through the above and turn your attention to an even bigger concern, you’ll soon feel like everything else pales in comparison. What is this bigger concern you ask? The infamous rejection notice of course. The last thing that any applicant will want to have to come face to face with is a notice of rejection regarding their mortgage application.
If you spent months preparing, years saving up and weeks trusting our experts to find the most competitive loan to suit your financial situation, then you probably won’t be prepared for a rejected claim. With so many reasons as to why this might happen, there’s really no guarantee that the application would have ever been successful.
Dealing with a rejection
If you have been dealt a rejection, then the chances are that you’ll be feeling like your world has just fell apart – and for good reason. All of your home buying plans will have to be put on hold, or delayed indefinitely, until you are able to come to another arrangement. But why accept that feeling when there are dozens of possibilities right around the corner?
For instance, if you can find out the reason for your rejection, you will then be in a much better position to rectify the issue and then re-approach your chosen bank. But what if the bank says ‘no more applications from you please’? Well, even this can be dealt with. There will be a tiny mark against your credit score that will detail the reason for your rejection and other lenders might be able to see this – but is that the end of the world?
They won’t care that you were rejected 6 months ago, or even last week – they will just want to see that you have done everything in your power to rectify the situation. Perhaps you didn’t have enough put aside for your deposit, or maybe your earnings weren’t as regular and consistent as your bank would have liked.
Whatever the reason, both time and effort should be able to take care of the matter and if you’d like to maximise your chances of being approved next time, then why not get in touch with our team here at Tundra Mortgage Brokers?
Credit Representative Number 496186 is authorised under Australian Credit License Number 389328
Disclaimer -This page/article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply.