Sometimes you need to search for that little extra bit of information that makes the difference between loan approval or loan decline.
For some time now our lenders have been limited by Reserve Bank rules defining how much they can lend to clients with less than a 20% home deposit. Your inquiry to your lender and subsequent loan application decline might just have happened at a time when they were close to those lending limits!
In the above situation you might just have benefited from a discussion around the instances when lending is not restricted by Reserve Bank rules - such as when you are eligible for a “Welcome Home Loan” or when you’ve decided you might explore the possibility of building a new home rather than buying an existing one.
Not every lender has access to all the options that suit your own unique situation, so you might be tempted to seek advice elsewhere. You might even go and see the lender down the road - without realizing that that might involve another credit check that will lower that all important credit score.
At Thompson McNeill we’re always happy to look at your own unique financial situation and match all the options to ensure the lender we recommend is right for you!
Call us on (03) 281 8605 or email: