Unfortunately hearing the bank say “NO” to a mortgage application is becoming more common these days, particularly for First Home Buyers and Self Employed borrowers. They can decline your application which will make no sense to you, especially if you were expecting an approval. So what to do if the bank does say “NO”? We will look at other options but the short answer is, it does not necessarily mean you cannot obtain finance.
What Should You Do If The Bank Says “NO”
When the bank says “NO” don’t lose hope! There are other options to consider:
- Number one, you will need to accept the fact that you will not get your mortgage approved by that bank.
- Try another bank – see if they will approve your application.
- Speak to a mortgage adviser and seek professional help. I can assist you and offer advice in this area.
If you are reading this, then you have probably not given up, and that’s good!
You may have tried another bank and received the same negative result. That’s not surprising, as it was probably presented the same way.
Let’s look at option 3 – this is the best option! – Speak to a Mortgage Adviser
Why You Should Speak to a Mortgage Adviser
It’s easy for me to suggest this – I’m also a mortgage adviser. But in reality, advisers often help you get a better result.
We are kept up to date with bank criteria’s, their policies, and often have training sessions with multiple banks/lenders. Advisers also have concepts that help get mortgages approved. In simple terms, we have experience working with banks, we know how they will treat your application. That allows us to address any issues that the banks may have.
I spend a bit more time than most advisers do, to ensure that my mortgage applications will go through, that the process is smooth and is presented in a way with the best chance of being approved.
If your application is declined with your first choice of bank, I will investigate. I will find out from the bank the reason/s why your application is not approved. Sometimes questioning the bank can highlight an error and therefore can overturn the original decision. At times we may get an approval for a lesser amount. Other times, it gives us a better understanding of what they believed was the issue.
If needed, we can discuss the issues with another bank and submit the application in a manner where the negatives have been addressed already. By speaking to the bank and addressing any issues upfront, it means that by the time I submit the application, I already have a pretty good idea that they will be approving the application.
Preparation is key! And I have a very good success rate.
