Been Declined? 


Have You Been Declined For A Loan? 

Being declined for a loan happens more frequently than you might think and there are a variety of reasons that it happens. 

Does a decline from one lender mean that you won’t be able to get a loan? Not at all, more often than not we are able to secure a great loan, with minimal fuss.

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    Why Do Loans Get Declined? 

    There are many reasons why loans are declined. In many cases, the reason is simply because lenders have different lending policies applications are declined simply because they do not meet the lender policies at the time. The different lender policies mean that it is important to apply for a loan from a lender who will meet your specific requirements.

    If you have been declined it can be disheartening, but it definitely does not mean that there are no finance options available.
    Proteger Financial Solutions can step in to make your lending journey smoother. 

    Some specific examples of this are:

    Self Employed

    Lender policies for the self-employed vary significantly, some take the average of the last three financial years’ financial result, some take the lower of the last three years, others use the current year in isolation. The different policy approaches create significantly different results when we look at the borrowing capacity of self-employed individuals.

    Recent change of job, or changes of circumstances

    Lenders have different policies around ‘continuity of employment’. It would not be unusual for someone to change jobs, to get a better job, but a specific lender will not approve a loan because they require a minimum time in the current job. Thankfully, not all lenders are the same and there are many options when it comes to recent job changes.

    Previous financial hardship due to ‘life circumstances’

    Life can be a rollercoaster at times due to many reasons. During tough times, there are occasions when payments can be made a little late, or they need to be deferred for a period of time. Unfortunately many lenders have little sympathy for life events and will simply not lend money where there is evidence of any prior hardship. There are a range of lenders who take a more practical approach to changing life circumstances and they will continue to lend money on the merit of the application, not based on previous events that have passed.

    Income that is based on bonuses or commissions

    Not all jobs pay a regular salary on a weekly, fortnightly or monthly basis. Some jobs include overtime, shift penalties or allowances. Lenders will treat these ‘irregular incomes’ very differently and the effect on borrowing capacity can be massive. 

    Borrowers who are approaching retirement who do not meet strict ‘retirement exit plan’ policies

    Home loans are generally for a 30-year term. The standard retirement age (depending on your date of birth) is 67. This means that some banks require a retirement exit plan from the age of 38. Some banks will accept the sale of the property (downsizing), some won’t accept a property sale. Other banks will accept the use of super to repay the loan, others won’t because they deem that super should be used for retirement income. 


    Benefits Of Using A Proteger Finance Broker

    If you have been declined it can be disheartening, but it definitely does not mean that there are no finance options available. Proteger Financial Solutions can step in to make your lending journey smoother. Here are some reasons why you should consider using a finance broker:

    Our finance brokers have an in-depth understanding of the Australian lending market. We stay abreast of market trends, interest rates, and lending policies to provide you with accurate and timely advice.

    Every person’s circumstance is unique, and so are your financial goals. Proteger Financial Solutions works closely with you to understand your objectives and we tailor financial solutions that align with your aspirations.

    As an established finance broker, we have access to a diverse network of lenders, including major banks, credit unions, and private lenders. This ensures that you get the best possible financing options tailored to your specific needs.

    Navigating the paperwork and application process for property financing can be time-consuming. Our experienced brokers simplify the process, saving you valuable time and ensuring a smoother transaction.

    Partnering with Proteger Financial Solutions ensures that you have a dedicated team working towards your success. Contact us today to explore the best property financing options.

    We offer a great range of home loan solutions.

    shailesh V
    shailesh V
    28. November, 2023
    Alf and team have been very easy to deal with. They are knowledgeable with providing their services as well as guidance on what needed to be done next… we could have not asked for any better after we found Proteger Financial Solutions. Alf and team made sure we got the best rates in this ever-rising interest rate market. We can only praise their performance and the continued communication even on their time off while we had tight deadlines. They definitely know what they are doing and I would not hesitate recommending them to anyone. Thank you very much Proteger!
    rasik pindoria
    rasik pindoria
    4. November, 2023
    Great work by Alf and team. Proactive, knows the timeframes and deadlines to meet. Despite other unprecedented challenges we had that kept pushing finance further, Alf guided us through the journey. Alf recommended and advised us on the best options available in the market. Flexible to meet client pre/post work hours. Highly recommended.
    Brett Thompson
    Brett Thompson
    1. November, 2023
    Alf Kandiah, from Proteger Financial Solutions, conducted a full review of our corporate finance facilities in order to secure better facilities and terms for our business. I was super impressed with Alf's network of contacts within the banking sector, which made it possible to deal with the right people and get better terms and rates than I would've expected. Alf was relentless in squeezing the banks for the very best terms, so much so that he exceeded our expectations when it came to interest rates on our borrowings. Alf was very easy to deal with and always responded very quickly. I cannot recommend Alf and Proteger highly enough.
    Anu Kadurugamuwa
    Anu Kadurugamuwa
    6. October, 2023
    Proteger Financial Solutions helped us purchase our home. Throughout the process, they were professional, engaged and committed to delivering the best solution to fit our needs. Niranjan, who handled our application, went above and beyond to guide us through the process, and his expertise, approachability and professionalism made things stress-free. Our thanks to Niranjan and the team!
    Suneel Vaghjiani
    Suneel Vaghjiani
    7. August, 2023
    Helpful advise from the team(Alf). Great communication and assisted through settlement. Highly recommend Proteger Financial Solutions to family and friends.
    Ashlei Otway
    Ashlei Otway
    22. June, 2023
    Right when I had given up on getting into a home that was right for us, Rob was recommended to us and then the perfect property fell into our lap. It wasn't an easy process from beginning to end but Rob and his team took away the stress and worked through every road block we encountered with incredible patience and efficiency. I would not hesitate to recommend Rob and the team to help you with all your finance needs. Thank you very much once again, we will be forever grateful. Matt & Ash
    Korri Edwards
    Korri Edwards
    21. June, 2023
    Polite and efficient, and able to overcome the hurdles that presented themselves at settlement. Thanks Rob:-)
    Justin Ward-Dickson
    Justin Ward-Dickson
    19. June, 2023
    Alf made a daunting task an easy and pleasant experience. He took out all the stress normally associated with obtaining finance and walked us through every step, in fact he did most of the work for us. I have no hesitation recommending Proteger for all of your finance needs .
    Bhavesh Panchani
    Bhavesh Panchani
    8. June, 2023
    Excellent and very professional service by the Proteger Financial Team. Alf Kadaai was brilliant and did an outstanding job with recommending options, following up on my documents and advicing me to choose the best solutions at every stage of purchasing in such a difficult time in the market at the moment. I would like to Thank you and your team for the wonderful professional service you have provided!🙏🙏
    Chris Williams
    Chris Williams
    7. May, 2023
    I recently had Niranjan Kandiah assist with some bridging finance for my downsizing grandparents. I could not have asked for better service. Niranjan promptly found a suitable lender and was willing to put himself out to ensure that a loan with some unorthodox features was arranged and settled within a tight timeframe. I would readily recommend to anyone needing assistance in this space.
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