14 Reasons Your Home Loan May Be Declined [in 2021]

In this video we're going to cover 14 Reasons Your Home Loan May Be Declined [in 2021].

00:00 14 Reasons Your Home Loan May Be Declined [in 2021]
00:38 1. Low Valuation
01:56 2. Non-disclosure ("I forgot")
02:22 3. Late payments and over drawings
02:48 4. Not enough deposit
03:27 5. Development Register or Postcode Restrictions
04:18 6. Additional Income
05:04 7. Banks Scorecard or Credit Score Decline
06:55 8. You have a bad credit history
07:35 9. Age too old and too young!
08:26 10. Not enough time in role
08:53 11. You are self employed
09:25 12. Spending history
09:58 13. Active Credit File
10:25 14. High debt position

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This is a common problem we see with off plan purchases and those looking to build.
When purchasing a property off plan all too often the settlement doesn’t occur until months or even years after the contract has been entered and unconditionally locked in to.
The bank won’t be in a position to value the property until the off plan property has been completed. Often when valuers go out to value off plan purchases they need to find comparable properties recently re-sold in the market. Meaning they can’t compare other off plan properties, they are comparing against established stock. This leads to valuers under valuing the property.
The same goes with brand new builds, if you are building in a new estate with no recent re-sold properties similar to yours then values might not stack up.
If your property is undervalued it could result in additional costs for things like mortgage insurance or worse, not being able to get the loan approved
There are ways to mitigate by having 2 or 3 banks value the property upfront. The difference between one valuer to another can be astounding, I’ve seen a $50,000 variance in valuation on a $470,000 purchase. The lower valuation meant we couldn't secure finance, but the higher meant we could get the job done. That’s how much of an impact a low valuation can make.
*2. Non disclosure
Forgetting to include a liability in your application such as a credit card could see you get knocked back.
Non disclosure of liabilities isn’t the only thing the banks are looking for.
Providing false or misleading information in your application could also result in getting declined.
The banks have sophisticated ways of verifying if the information provided is correct or not.
It pays to always provide correct and accurate information when applying for a loan.
*3. Late payments and over drawings
Consistent arrears, dishonours, collections, overdrawings and late payments on your bank accounts are red flags for banks.
Even if there is no systemic issue, the bank will see poor money management as bad character and could influence their decision.
Set up automatic direct debits to ensure you don’t miss any payments. You can also set reminders and warnings through your phone banking app to make sure you don’t get stung with overdraws or late fees.
possible chance of increasing your scorecard with the bank.

Видео 14 Reasons Your Home Loan May Be Declined [in 2021] канала Mortgage Broker Brisbane - Hunter Galloway