Monday, 10 October 2011

Turning Declined to Approved


 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

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