Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.
There are a few reasons why your application may not have been approved, including:
- Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
- The nature and stability of your employment.
- Your credit history, which we obtained from Equifax and Illion.
- The value of your property compared to the size of your loan.
- The property linked to your application may not meet our specific credit criteria.
We know that not everyone will be suitable for a Tiimely Own home loan. However, we’ll let you know if there’s a better fit with one of our partner lenders. If you choose to go through our in-house broker service we’ll match your application (with your permission, of course) against our panel of 30+ lenders and 1000s of home loan options without you having to reapply. Learn more about our in-house broker service.