Home loan rejection rate hits 40%
DECLINED….. Why?……. Wrong bank!!!.
Home loan decline rates are now hitting 40%, however this number is higher for customer who go direct to Banks rather than use a Mortgage Broker, Why?
- Mortgage Brokers are experts in bank policy and often know which banks best suit your circumstance (eg self-employed, short term work history, casual, small savings).
- Mortgage Broker have access to live calculators from each of the banks that tell us whether your income and expenses will meet their servicing requirements before a loan is submitted to the bank.
- Your Professional Lending Solutions Australia Mortgage Broker is an expert in structuring a loan to ensure you have the best outcome.
A lot of people go into the local bank or branch they have always banked with thinking this will be their best option but with bank policies being so diverse these days it can be a game of Russian roulette.
over the past 12 months we have been able to help a number of clients who have been declined but the bank they have been loyal too for years to achieve a great outcome with another bank.
Loyalty Works for the Bank and not the client, its the same reason they don’t offer the great specials to existing customer. No bank will every approve a loan that doesn’t to meet is policy because you have been with them for years.
Save yourself the Heartache and use a Mortgage Broker and don’t forget it is a free service to you paid for by the bank.
If you have any questions or queries, please feel free to contact one of our brokers for some more information – 1300 858 386