Why was I refused a loan?
There could be many reasons why your loan was refused.
If you have been declined by a lender, we may be able to help. We suggest as a first step, you need to find out what is in your Credit Report.
- Some lenders will not approve a loan for properties outside of selected postcodes and your may have been in a postcode area not acceptable to that particular lender
- Your assessable income was not deemed to be sufficient to service the size of the loan you were applying for or the type of income you earn was not accepted as assessable income by that lender e.g Centrelink payments, commission, overtime
- Your credit impairment didn't fit the lenders policies and procedures
- If your loan is above an 80% LVR it will attract Mortgage Insurance policies and your property, client profile or servicing didn't fit with the Insurer. The Mortgage Insurer insures the loan in the case the loan is defaulted.