Get approved next time Housing

Loan not approved? Improve your chances next time.

So, you decided to take out a loan… But you were declined. What can you do to help you get a better outcome next time? Here are some simple pointers to make sure you give yourself the best chance.

1. Your details

  • Make sure you have 90 days’ worth of bank statements, or if you have changed banks in last 90 days be prepared to show the previous bank account statements when requested.
  • Are all your payments up to date? We don’t expect you to have perfect credit history but any unpaid dishonours will make you ineligible for a loan with Credit24. This is a quick fix – when you are caught up on your payments you can reapply.
  • Is your salary paid into your own account and can you provide details for that account? We need to see your salary account in order to make sure we don’t give you a loan you can’t afford.
  • Receiving payments from Centrelink? You might still be eligible but your salary should be higher than the Centrelink payments you receive.
  • Check your Creditscore. There are lots of free sites where you can get your credit report for free. You may have uncover something that you didn’t realise was on your record and it could be easily fixed. You can also use this a reference point to see if your rating has gone up before applying again.

TIP: Providing access to your online banking will see your application processed significantly faster than if you opt to send a PDF or paper versions of your statements. And don’t worry – this is all secure and your privacy is protected.

2. The Application

  • Are details correct? When applying take a minute to double check the details you are providing. Misspelled names and missing or incorrect details make the verification process longer and we may then need to contact you and/or have to issue you a new contract.
  • Provide the necessary. The loan is only in your name so only provide your details. We don’t need to know your partner’s financial commitments or salary

TIP: We want to understand your situation the best we can in order to provide the best solution for you. Be honest and make sure the loan amount and the loan purpose make sense.

3. Application resubmitted… Now what?

  • Listen out for a phone call – we may have a few quick questions. If you miss our call, we’ll send you a message. Remember to call us back. We can’t complete the process without hearing from you. Don’t worry – it’s often a very quick call and our team is very friendly and helpful.
  • Send any requested documents ASAP. If you have trouble finding them and need extra time, please let us know.

You are always welcome to reapply with Credit24 and we will do our best to help where we can.