APPLICATION BEING DECLINED-HOW TO ADDRESS
THESE ISSUES
·
AGE FACTORS- UNDER
AGED (BELOW 18) OR TOO OLD TO BE ABLE TO SERVICE A 25 YEAR TERM BASED ON
CURRENT PROFESSION…LENDERS SHOULD NORMALLY NOT DISCRIMINATE AGAINST OLDER AGE
ENSURE THE APPLICANT IS AT LEAST 18 AND AT THAT AGE
YOU HAVE STRONG REASONS TO INCLUDE THE YOUNG APPLICANT.
AT A HIGHER AGE,ENSURE THE APPLICANT HAS A STRONG WORK
HISTORY, NO OTHER BORROWINGS AND RELIABLE INCOME GOING FORWARD
- NON-RESIDENT OR OTHER VISA –
HAVE A SUBSTANTIAL DEPOSIT ESPECIALLY IF THE VISA IS
NON-WORK RELATED
·
DEPOSIT MAY NOT BE
SAVED FOR REQUIRED PERIOD-LUMP SUM/ONLY GIFTED DEPOSIT & NO EVIDENCE OF ANY
SAVINGS FROM APPLICANT
KEEP DEPOSITING MONEY INTO A DEDICATED ACCOUNT
REGULARLY.
IF DEPOSIT IS GIFTED,SHOULD HAVE NO EXTERNAL DEBTS,
AND SHOULD HAVE GOOD ACCOUNT CONDUCT, GOOD WORK HISTORY, CLEAN CREDIT
·
SOURCE OF DEPOSIT
NOT EXPLAINED SATISFACTORILY-NO PAPER TRAIL
FILE STATEMENTS REGULARLY,IF OVERSEAS SOURCE OF FUNDS
– GET PAPERWORK ORGANISED IN ADVANCE,IF GIFTED – GET A GIFT DEED COMPLETED
·
FREQUENT CHANGE OF
EMPLOYMENT W/OUT VALID REASONS
TRY NOT TO CHANGE JOBS – ESPECIALLY CHANGE OF
CAREER-UNLESS YOU ARE GOING BACK TO A CAREER YOU HAVE BEEN IN EARLIER
·
FREQUENT CHANGE OF
RESIDENTIAL ADDRESS
YOU NEED REALLY SOUND REASONS FOR THIS – NOT JUST
UNHAPPY WITH THE LANDLORD OR THE NEIGHBORS
·
INCOME IS
EXTREMELY IRREGULAR- IRREGULAR DEPOSITS TO A/C
ENSURE ALL INCOME COMES INTO YOUR ACCOUNT
REGULARLY-EVEN IF YOU ARE PAID BY CASH BY YOUR EMPLOYER
·
SOURCE OF INCOME
NOT CONFIRMED OR UNACCEPTABLE TO LENDER
ASK EMPLOYER FOR A LETTER CONFIRMING INCOME,ASK FOR A
PAY SLIP
- IN CURRENT EMPLOYMENT ROLE FOR BRIEF PERIOD WITH NO PRIOR WORK HISTORY EITHER IN NZ OR OVERSEAS
YOU NEED TO BE IN A VERY GOOD PROFESSION WITH GOOD
SKILL SETS AND GOOD EARNINGS,NO BORROWINGS AND A DEPOSIT THAT HAS BEEN SAVED
·
INSUFFICIENT
INCOME FOR AMOUNT REQUIRED AS ON APPLICATION
DO YOUR HOME-WORK FIRST-CAN YOU AFFORD THE REPAYMENTS
FOR THE LOAN THAT YOU ARE SEEKING…ARE THERE OTHER BORROWINGS THAT ARE AFFECTING
YOUR REPAYING ABILITY?
·
TOO MANY EXTERNAL
BORROWINGS – HP’S, CREDIT CARDS/S, PERSONAL LOAN/S, DEFERRED INSTALMENT PLANS…
YOU HAVE BEEN LIVING IN A WORLD OF DREAMS.DO NOT
BORROW UNLESS YOU ABSOLUTELY NEED SOMETHING…..WANTS VERSUS NEEDS? ANALYSE.
BORROW SMALLER AMOUNTS OVER SHORTER PERIODS
·
BANK ACCOUNT
CONDUCT NOT ACCEPTABLE (REFER TIPS OF LAST WEEK)
·
A/P’S & D/D’S
REVERSED WITHOUT STRONG REASONING
YOU NEED TO MONITOR YOUR BANK TRANSACTIONS &
BALANCES DAILY- ENSURE A/P’S & D/D’S ARE LOADED FOR DATES WHEN YOU HAVE
SUFFICIENT BALANCE IN THE ACCOUNT-VERY OFTEN THESE DATES MISS SALARY DATES BY A
DAY OR TWO-ASK FOR A REVISED PAYMENT DATE
·
INFO DISCLOSED IS
INCORRECT / INCOMPLETE – APPLICATION COULD EARLIER HAVE GONE TO SAME LENDER
WITH DIFFERING INFORMATION.
·
NON-DISCLOSURE OF
INFO IS QUITE SERIOUSLY VIEWED
·
BAYCORP HISTORY
NOT GOOD ENOUGH-
DO NOT GUARANTEE/BORROWUNLESS NECESSARY-IF YOU ARE
AWARE OF A DEFAULT,DECLARE IN ADVANCE, HAVE GOOD REASONS FOR THE DEFAULT
- INSUFFICIENT TRADING PERIOD FOR SELF-EMPLOYED-HIGHER DEPOSIT
- WRONGLY ASSESSED BY LENDER-POINT OUT ERRORS IN ASSESMENT AND USE THE SERVICES OF AN EXPERIENCED MORTGAGE ADVISOR – THINK MORTGAGE MANTRA
- PROPERTY NOT ACCEPTABLE TO LENDER – LISTEN TO LENDER AND QUERY REASONS – LENDER MAY BE CORRECT AND SAVING YOU FROM A POTENTIAL SITUATION
- IF REFINANCING – HAS MISSED REPAYMENTS ON HOME LOAN TO PREVIOUS LENDER IN THE LAST 6 – 12 MONTHS
WHY HAVE YOU MISSED
PAYMENTS? YOU KNOW BEST.EXPLAIN REASONS AND BACK UP WITH DOCUMENTED EVIDENCE
09.08.2010
No comments:
Post a Comment