Have you received a declined loan lately? Unable to qualify for a new home loan due to the rising interest rates? Trying to refinance your home loan for a lower interest rate?
It’s a fact your current lender will only reduce your interest rate so far. The lenders love having you locked in mortgage jail as they can keep your interest rate higher. However, this does not help you when wages are not keeping pace with the cost of living, leaving families struggling to balance the budget.
No doubt it is hugely disappointing and can knock your confidence when you receive a declined application or just told “no” by your lender. Instead of feeling that you have no options, it’s always wise to continue your research and see if there is a possibility you could still have a chance.
For some people they may not be able to qualify for a loan especially if their financial situation has changed. Having more children, maybe one less income in the household can easily tip the calculators. Increased HECS debt if you are a student can also affect your home loan. Other loan applicants may just need a special lender who can take all their income into account. Debt may need to be restructured, and some clients may be able to assist in having some loan enquiries removed from their credit file to increase their credit score.
We have recently received some new loans from our lenders – with lower assessment rates which can mean you may be able to refinance your home loan. These lower assessment rates were not available 6 months ago, so if you have had a “no” and would like to turn this into a “yes”, please reach out and we will see if we can assist.
Some unusual incomes such as foster care, rental allowances and other allowances, family tax benefit for older children, child support for children with special needs who exceed the age of 18 years, beneficiary payments, board, and spousal support can be considered using our lenders.
Please feel free to contact me on 0403 211 361 to received your customised assessment of your loan or email hello@georgefinancialservices.com.au
