A common issue we often encounter is when clients buying a property have an offer accepted but have just hung their hat on their own bank approving the loan, only to find that after a lot of waiting the bank they have been dealing with has declined their application. Inevitably they have then run out of time to look at alternative options.
There are a lot of complex elements that make up a home loan approval. Just because you have been with a bank for years and years does not automatically mean they will give you a home loan.
Whilst banks are very similar when it comes to pedantic assessment these days, they are also all subtly different.
Another common problem we see is when borrowers are told by their bank verbally that ‘they will be okay’ to make offers but, once the bank has all the information, the application is declined.
We also regularly see borrowers who get an approval in writing but don’t read the fine print and conditions.
Save yourself a lot of time and talk to a mortgage broker well in advance of making an offer, or right at the start of the process. We know which bank(s) will best fit your situation and save you time and money, not to mention potential disappointment.