Loan rejections are on the rise

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In fact, we have even heard to pre-approval loans being subsequently withdrawn.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.