It has been reported that loan rejections are on the rise. This particularly so for loan renewals where the reported rejection rate jumped to 48% during December.
In fact, we have even heard to pre-approval loans being subsequently withdrawn.
This could prove to be a self feeding phenomenon as some have forecast Melbourne house prices to fall by another 11% through 2019.
What should you do?
- If you are due to renew a loan – start early and tighten up your application.
- If you are seeking a loan, source out alternative solutions. This is where a mortgage broker can prove invaluable. We would be happy to provide a referral.
At MRS, we will spend today planning for your success.