We will work with you to make GREAT things happen

 

When "no" might not be the final answer.

When it comes to securing a finance, “no” might not be the final answer when you speak to FinancePath lending consultant.

So, why do people get turned down for loans?

1.      Bank’s home loan lending rules can change

Having your loan turned down by your bank can be a reflection of their current credit policy, which can change based on shifts in market conditions. This means when you may have had no issues getting a home loan from your bank in better economic times, but you might be turned down today because it's a tougher financial climate.

2.      Boxes not being ticked

They look for regular income - so being self-employed can be an issue. Having an unusual income, irregular earnings or multiple jobs - which lots of people do these days - are still outside the traditional box for lots of lenders.

3.      Credit history issues

Another major reason for an application to be turned down can be a person’s credit history. The big banks and other conventional lenders use an automated credit scoring process, which means your application might be declined simply because a computer gives your application a score based on your past credit history.

4.      Paperwork that doesn’t meet requirements

One of the biggest issues can be not having the right paperwork, things like not having up-to-date tax returns, because you’re self-employed. Or because you’ve recently arrived in the country and haven’t built up an employment history yet.

5.      Past bankruptcy

If you’ve filed for bankruptcy in the past this will be a flag for traditional lenders, even when you’ve been discharged.

These are all pretty normal reasons for people getting declined for a home loan.

So, what do you do now?

The good news is if you don’t fit the banks traditional lending criteria, FinancePath can offer you a different, much more personal approach to your home loan application.

With FinancePath your application will be individually evaluated by one of our lending experts, with each application evaluated on its merits by a real person and not a computer.

So always check things out with the FinancePath team - because when it comes to home loan applications, if you’re short on paperwork, have a bit of an unusual income, if you’ve got a few credit history issues, or even defaults or judgements against your name, we will always consider your application. 

We will look at why you might have any gaps and use a great range of tools to assess your needs, objectives and - importantly - your suitability for a loan in the situation you are in.

Getting turned down for a home loan can really knock your confidence. If it’s happened to you, don’t just accept it and wait years to have the courage to apply again. It’s always worth checking with FinancePath first.

If you’d like more information about securing a loan with FinancePath book a 10-minute chat with one of our lending consultants today.

When the banks say no, we say yes!

Book an Appointment


VIDEOS

 

WATCH NOW

TOOLS

FinancePath
App

LEARN MORE