Articles

Why was I declined by lenders mortgage insurance?

Thursday, August 20, 2015

When a loan needs to be approved for Lenders Mortgage Insurance (LMI), its normally assessed under a stricter set of rules compared to the banks requirements. Common reason’s an application will be declined by a Mortgage Insurer are a poor credit report, the income serviceability is too tight for loan amount requested, your employment history is unsatisfactory, security property is unacceptable.

Whatever the reason for your decline, it is still worth giving us a call so we can investigate whether you should meet the requirements for one of the other mortgage insurers. It’s important to know that there are two mortgage insurers who insurer the majority of banks in Australia, so if you are declined by one Mortgage Insurer, its important that you don’t apply to a lender who uses the same Mortgage Insurer.

We can assist with this selection process.

Please contact Jonathan Cornish, one of our credit advisers, for more information. Got your own question? Ask us now!