Getting your home loan declined isn’t the end of the world

The most common reasons we see home loans declined are:

• ⛔️forgetting credit cards, interest-free loans or even small Afterpay accounts they haven’t used for a while.
• ⛔️changing jobs too frequently—if you have changed jobs multiple times in the past year, this is generally not seen as positive for the lenders.
• ⛔️changing addresses too frequently—again, if you have moved around lots in the past year without any good reason the lenders tend not to like this.
• ⛔️having messy banking situations—having five-plus banks and getting paid into multiple bank accounts, making it hard to track where you are getting paid.

To maximise the chances of getting your home loan approved:

1. Check your credit file—At Hunter Galloway we provide a free credit file check to our clients; this report shows all active (and closed) credit cards and loans to make sure this is covered on the loan application.
2. Double check any outstanding credit card limits—We use a service called BankStatements that will connect with your existing internet banking and provide up-to-date credit limits, again making sure no information is lost and maximising your chances of approval.
3. Clean up your bank accounts—Unfortunately, this is only something you can do; if you are paid into multiple bank accounts or have a bunch of different credit cards try to consolidate using a balance transfer, or simply close them down.