How we helped first home buyer Dave secure a home loan despite the banks telling him NO
Rejection can be a tough pill to swallow. It’s a feeling that really stings and can leave many with lasting memories. Whether you’ve experience it when applying for a dream job, asking your first true love for a kiss, or trying out for a primary school sporting team – being told that you can’t have something you really want, or be someone you really want to be, doesn’t get any easier to deal with - no matter how old you are.
There is however one very potent and effective antidote to rejection - dusting yourself off and trying again.
It was a strategy I needed to deploy many times in my younger years. Even though I would describe myself as a ‘good lookin rooster’ it seemed many of the girls I had a crush on as a teenager didn’t feel the same way – “their loss Jeff” was something my mother needed to remind me, frequently! And off I would go to the next blue light disco, pride restored, ready to try again.
In the world of home loans, particularly those for first home buyers, rejection can be all too common. A recent example being Dave, aged 27, who is one of the many clients Fortuity Lending have helped to successfully secure a home loan after initially being rejected by their bank. Despite a rock-solid employment history, and savings in excess of $80,000, Dave’s bank told him his ‘credit worthiness’ didn’t meet their criteria and his application had been declined! News Dave didn’t take overly well…
Initially thinking he would take his bank’s advice and “apply again next year” Dave did what most others do not – he picked up the phone and sought out a second opinion. See, most mainstream lenders – namely the big banks – rely heavily on what is known as credit scoring when assessing the eligibility of all loan applicants, including Dave.
To help you better understand credit scoring, I’ve included below the five main factors that contribute to your credit score:
Bill payment history,
Level of debt - including balance on credit card,
Loan repayment history,
Types of loans you currently hold – e.g. personal loans, car loans, credit cards,
The number of times you have inquired about a new loan or credit card - every time you make an inquiry with a lender this is reported on your credit file.
Upon hearing Dave’s news and knowing his lifelong goal was to buy his first home before turning 30, we went to work. Fortuity Lending has access to five lenders that assess each application on its merits rather than solely relying on an applicant’s credit score. We quickly made contact on Dave’s behalf and got the ball rolling.
To hear the excitement in Dave’s voice when we phoned him to deliver the good news was absolutely priceless. Thanks to the merits-based review process, we were able to secure Dave an approval within 48 hours of submitting his application. Dave was one happy customer!
If you’re sick of hearing all the reasons why your bank can’t help you, get in touch with a team who can. As home loan specialists, Fortuity Lending can help turn your dream of home ownership into reality. Call Fortuity Lending or click here to book a complimentary consultation. We will go in to fight for you, secure the best possible deal on your behalf and help you to get where you need to be.