When to Reapply for a Mortgage after being Declined?
Channel: The Mortgage Lab
Date: 2022-03-08

Your options will depend on the reason your application was rejected. In this video, Mortgage Lab CEO takes you through what to do next if you've been declined by a bank, as well as when and how.

Now I don’t want to shamelessly plug mortgage brokers here, but if you’re getting declined by banks directly it’s safe to say it’s time to talk to a broker. They will find out which bank is most likely to approve your application and give you advice on how to improve your chances of approval.

If you’re not in a position to get a mortgage with a bank, you may be able to get a loan with a non-bank-lender. Your broker will go through all of the options with you. A bank’s acceptance criteria can change week to week and your broker will be across the different criterias of each bank.

Generally, the reason for an application being rejected will fall into one or more of three categories; not enough income, not enough deposit or a bad credit score...

If you are unsure where to start or have any questions, don't hesitate to contact the team at mortgagelab.co.nz/contact-us, we're here to help.

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Our Video Chapters
0:00 - When to Reapply for a Mortgage after being Declined?
0:33 - What is a mortgage top-up?
1:03 - What can you use a top-up for?
1:47 - What to look out for if you wanted to consolidate debts?
2:08 - How do you pay down your top-up?
3:12 - How much can you borrow with a top-up?
3:40 - Do the banks need to know what the top-up will be used for?
4:40 - Being honest about your top-up
5:20 - Think long term about your top-up