Hi all, if you have numerous hits on your credit file for lending purposes in 1 year how long before the bank sees your position as being strong again. I have just been knocked back by westpac and have multiple properties with other lenders. They are all geared at 80%. Look forward to hearing from you.
If you are getting knocked back at 80% LVR then something is not right. Have you been able to ascertain why the loan is getting declined?
Are you going through the bank/branch or via a broker?
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Shahin, westpac were unable to ascertain why. I did however, get a print out of my credit file and have had about 5-6 hits in the past 12 months. I recently completed a restructure (refi deal), to release some equity and restructure my loans through NAB. Because this was so recent within 6 weeks, do you think this has something to do with it???
Shahin, westpac were unable to ascertain why. I did however, get a print out of my credit file and have had about 5-6 hits in the past 12 months. I recently completed a restructure (refi deal), to release some equity and restructure my loans through NAB. Because this was so recent within 6 weeks, do you think this has something to do with it???
G'day MBA,
It still doesn't sound right and also 5-6 queries in the past 12 months isn't too bad. When applying for the loan you need to proactively explain why you have had the queries. The biggest concern is if you have had say 3 queries within the last 3 months. If you had 3 or more queries in the last 3 months then I recommend you wait.
Did you apply to Westpac via the branch or broker? Either should have explained to you exactly why the loan was getting declined. I dare say the loan was not structured correctly. You should be quite certain if a loan is going to get approved before its submitted.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
It was directly through westpac. He wasn't,t able to tell me as they don't get a definitive answer through the system. I have had more than 3 queries in past 3 – 4 months.
As been mentioned above, that number of hits isn't a big deal – particularly at an 80% LVR.
There's something else going on here.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
I would wait unless there is an urgent need to get finance. More importantly, I would ensure that the next time you apply – you are confident of an approval. This means that you should ensure that your situation meets the policy of that lender and also your serviceability passes. There is plenty more things you need to prepare before the application if submitting but please discuss this with your banker or broker.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
There is no set rule as far as I know for how much is too much. Each lender has their own subjective views on this and they differ from one another.
How many is "numerous" in your case?
Might be worthwhile trying a lender that doesn't credit score and looks at the deal on it's merits.
Cheers
Tom
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