Can You Reapply If a Mortgage is Denied?
If your mortgage is denied, you can reapply. No timeframe for reapplying exists. You can reapply within a few months. However, consider improving your financial position before reapplying.
The Australian government is actively working with lenders to help first-time homebuyers become homeowners. Therefore, several entities are on your side. The homebuyer simply needs to do their part and complete the legwork.
Common reasons why applications receive a denial include short credit history, short employment history, and loan purpose mismatch. It’s possible to fix several of these reasons with creative solutions. For example, first-time homebuyers with shaky employment and credit history can turn to their parents. In many cases, a parent qualifies as a guarantor. This increases the borrowing capacity and power of the homebuyer.
Conventional loans offer the best loan terms because the homebuyer provides a 20% deposit and three months of payslips and bank statements. However, all homebuyers don’t qualify for the conventional mortgage. Instead, they qualify for low doc loans, interest-only mortgages, and bad credit home loans.
Mortgage House offers competitive loan terms to well-qualified homebuyers. We also offer competitive loan terms to small business owners, first-time homebuyers, and investors.
Our loan specialists help homebuyers reapply for a home loan in the Australian housing market. They find financing solutions that fit their current financial circumstances.
Mortgage Is Denied Conclusion
If your mortgage is denied, yes, you can reapply. Mortgage House encourages applicants to ask for feedback. Then, make adjustments. Our loan specialists can walk you through this stage. Contact our team.