Search

In 12 months, what are the new rules of loan assessment pre & post COVID-19?

Updated: Jun 24


The below article was provided by the licensed mortgage broker Anthony Li form Wise Union Finance Solution (ACR #507364)

#The facts that bankers won't tell you!


Every lender has a little booklet to record the "High Risk" industries now, for example, the "Retail Industry," the "Travel Industry," or the "Hospitality Industry" etc. Some lenders explicitly announce they don't accept any loan application of the loan applicant is doing the business in this industry or working as an employee in these industries.


Some lenders try to "implicitly" pull-up the hurdle to the applicants who work or doing business in the "High Risk" industries. These lenders required more financial documents, tax documents, and business income statements. The new requirement of evidence may turn an assessment of simple home loan application to the way that business banking does an assessment, which is inconvenient and unwelcome.


The lenders try to cover themselves from the possible breach of NCCP ruling. If you are receiving the Jobkeeper or the Jobseeker government pandemic financial aid, then you need to explain why you applied it, and it's hard to justify that the pandemic hasn't impacted your income! It's pretty much an announcement of the death penalty of your loan application.


Do you want to avoid the traps to secure your loan? Contact us NOW! 0413 581 675

6 views