{"id":6283,"date":"2017-09-18T23:00:04","date_gmt":"2017-09-18T23:00:04","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/what-if-im-knocked-back-for-a-loan\/"},"modified":"2017-09-18T23:00:04","modified_gmt":"2017-09-18T23:00:04","slug":"what-if-im-knocked-back-for-a-loan","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/what-if-im-knocked-back-for-a-loan\/","title":{"rendered":"What if I\u2019m knocked back for a loan?"},"content":{"rendered":"

<\/p>\n

\n

Getting knocked back for a loan is less than ideal, but rejection needn\u2019t be fatal to a property dream.<\/strong><\/p>\n

John Tindall, a Choice Home Loans<\/a> mortgage<\/a> broker in Wattle Grove, Sydney, says being refused finance can be scary, but the key is to not panic.<\/p>\n

He advises people to take a systematic approach to finding a solution. First, find out why the finance hasn\u2019t been approved, he says.<\/p>\n

\"rejected<\/p>\n

A mortgage broker can assess your likelihood for a loan without you having to speak with your bank. Picture: Getty Images<\/p>\n<\/div>\n

\u201cI have had clients knocked back for all sorts of fixable reasons. For example, a mobile phone default that was actually someone else\u2019s. The next step is to address the gaps. Persistence usually pays off,\u201d Tindall says.<\/p>\n

Most finance denials relate to income, he says.<\/p>\n

\u201cUsually it\u2019s for not having enough income to make the repayments. Remember, you\u2019re not being assessed at a 4% interest rate, but at a 7% plus rate, for when rates inevitably rise,\u201d Tindall says.<\/p>\n

\u201cKnowing how your type of income is viewed by the lenders<\/a> is important, whether you\u2019re full-time pay-as-you-go employee, casual or newly self-employed. Having too much existing debt, such as credit cards, is another handicap.<\/p>\n

\u201cPoor credit history, showing late payments or old defaults, is another important factor. We recommend clients get a copy of their own credit report, which can be done for free,\u201d he says.<\/p>\n

How to get a loan if you\u2019re self-employed:<\/strong><\/em><\/p>\n

Bad credit doesn\u2019t have to be a deal breaker, Tindall says.<\/p>\n

\u201cIt depends on what the issue is,\u201d he says.<\/p>\n

\u201cIf it\u2019s, for example, four or more enquiries regarding different home loans, sometimes a simple explanation will satisfy a lender. If there\u2019s an old default or as a client of mine had, a $3000 mobile phone default caused by identity theft, you can apply to the party that lodged the default to have it removed.\u201d<\/p>\n

There are also free credit repair services that will examine accounts and specify which ones need resolving and how to do it, Tindall adds.<\/p>\n

Here are some of the factors lenders consider when assessing loan applicants:<\/strong><\/em><\/p>\n

As with most things, knowledge is power when it comes to applying for a loan.<\/p>\n

\u201cKnowing the strengths and weaknesses of an application is important. For example, a strong income is good, but a healthy deposit and a clean track record are important too,\u201d Tindall says.<\/p>\n

\u201cHaving an independent assessment of your situation will tell you if it\u2019s time to go again. The trick is to present a good case to the lender in a way that their assessors will understand and accept,\u201d he says.<\/p>\n

Beware of repeatedly applying for finance though, Tindall says.<\/p>\n

\u201cLenders are definitely wary of people who apply for finance too often.\u201d<\/p>\n

\u201cIt looks as though they\u2019re trying to shop their way out of trouble. Ideally, you don\u2019t want to submit an application unless you have a strong chance of success, and a mortgage broker can assess this for you without you having to speak with your bank.\u201d<\/p>\n

\n <\/p><\/div>\n

Realestate au <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Getting knocked back for a loan is less than ideal, but rejection needn\u2019t be fatal to … What if I\u2019m knocked back for a loan?<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":6284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[12908,543,347,1329,604,408,41,818],"class_list":["post-6283","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-home","tag-home-buying-guide","tag-home-loan","tag-loan","tag-loans","tag-mortgage","tag-property","tag-real"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/09\/rejected-loan-application_2000x1500.jpg?fit=2000%2C1500&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":623,"url":"https:\/\/amazingproperty.com.ng\/blog\/mortgage-broker-versus-mortgage-lender-which-one-is-right-for-you\/","url_meta":{"origin":6283,"position":0},"title":"Mortgage Broker Versus Mortgage Lender: Which One Is Right for You?","author":"Amazing Property","date":"November 3, 2016","format":false,"excerpt":"Top real Estate Blogs in Nigeria : Mortgage Broker Versus Mortgage Lender: Which One Is Right for You? 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