It is likely that the person who’ll be assessing your home loan application will not know you in a personal capacity.
Your application will be one of many that they will be reviewing every day. You will be assessed solely on the strength of your application and your ability to meet your home loan commitments, both now and in the future. You will discover there are lots of questions to answer, some of which you may not have thought about before. But it’s important that you spend the time to gather the information needed to give yourself the best chance of getting your application approved.
Here are some common reasons why home loan applications are rejected: –
- Applicants underestimate the value of their possessions.
- Applicants do not include all their assets.
- Applicants do not submit enough documentation to substantiate income.
- Applicants are over-committed with repayments (ie, credit cards and car loans)
- Applicants have a poor history of saving.