Before you apply again, get a clearer idea of what may have stopped it.
Save your details first. Once they’re saved, you can continue into five quick questions about what happened. They take about a minute and may help you understand what to look at before another application.
Your refinance was declined. What now?
Before you apply somewhere else, work out what may have got in the way.
A lender saying no doesn’t always tell you exactly why. The issue may be the income they used, other repayments, your credit history, the property, or simply that lender’s rules.
Answer five quick questions. You’ll get a short result explaining what may be making another application harder, what not to assume from one decline, and what may make sense before you apply again.
Which best describes things right now?
Outside your home loan, how many separate repayments are you dealing with?
Think credit cards, personal loans, car finance, Afterpay, Zip, Klarna, Humm, Wisr, solar or renovation finance.
Have you used, or are you thinking about using, new credit to make things easier?
How would you describe the money coming into your home?
What do you think is making things tight?
The information on this page is general and educational only. It does not take into account your objectives, financial situation or needs, and it is not a credit assessment, recommendation or loan offer. Before acting, consider whether the information is appropriate for your circumstances and, where appropriate, seek professional advice.
Got it.
Paul has your details and the result from your answers.
The problem isn’t always the biggest debt.
A mortgage gets most of the attention because it’s usually the biggest number. But a car loan, personal loan, credit cards, Afterpay, Zip and other repayments can take a big bite out of the money coming in each month.
Sometimes changing the way those repayments are set up reduces what goes out each month. Sometimes it makes more sense to leave some debts exactly where they are.
A family Paul worked with had already started talking about selling their home.
The family had strong income and strong equity, but too many separate repayments had become hard to keep on top of.
Real, deidentified client example. This family’s result depended on their own income, debts, equity, credit history and the lender options available to them. It doesn’t mean the same result will apply to someone else. Lower monthly repayments do not necessarily mean a lower total cost. Moving shorter-term debts into a home loan can mean repaying them over longer, may increase total interest, and can turn previously unsecured debt into debt secured against your home.
Nothing looked obviously wrong.
Another family Paul worked with had clean credit, a home loan, two personal loans at rates up to 16% and a car loan. About $6,500 a month was going out across those loans.
After changing the loans that made sense to change, those repayments reduced to about $4,100 a month. The investment property loan stayed exactly where it was.
This family’s result depended on their own income, debts, equity, credit history and the lender options available to them. It doesn’t mean the same result will apply to someone else. Lower monthly repayments do not necessarily mean a lower total cost. Moving shorter-term debts into a home loan can mean repaying them over longer, may increase total interest, and can turn previously unsecured debt into debt secured against your home.
Three questions worth answering before you apply again.
A decline often creates more questions than answers. These are three of the useful ones to sort out before another application goes in.
Why didn’t the lender tell me exactly why I was declined?
The person who gave you the answer may only know the general category. The issue might have been the income the lender used, your other repayments, credit history, deposit or the property itself. One lender’s rules can also be different from another’s.
Read why lenders declineWhat happens if I just apply somewhere else?
Another application creates another credit enquiry. The next lender can see that you applied, but not whether the earlier application was approved, declined or withdrawn. Several enquiries close together can make the next application harder, so it makes sense to understand the likely problem before lodging again.
Read about credit enquiriesDo I need to wait before trying again?
Not always. If the decline came down to that lender’s rules, waiting may not fix anything. If something in the application needs to change, a few months can be useful, but only if that time is used deliberately to improve the part that caused the problem.
Read about rebuilding before reapplyingWhat clients say about working with Paul.
These are recent Google reviews from Paul’s clients. They describe individual experiences; lending outcomes and savings vary with each client’s circumstances.
“I can’t recommend Paul Wrensted from Mortgage Choice highly enough. After spending three months with another mortgage broker who ultimately couldn’t help us, we came to Paul and he had us sorted in no time.
Paul was professional, approachable and incredibly easy to work with. He walked us through every step, kept us updated throughout the process and explained the options available so we could choose what suited us best. Having someone so responsive and helpful made a huge difference after our previous experience.
Thank you, Paul, for making the whole process so much easier. We wouldn’t hesitate to recommend you!”
JB“I worked with Paul Wrensted at Mortgage Choice to refinance both my home loan and my investment loan, and I'm really glad I did. He took the time to explain my options properly, found me a much better rate than what I was on, and handled the paperwork so I didn't have to chase anything. The whole process was smooth and the savings are real.”
TN“Our refinance definitely wasnt a straightforward one There were multiple things involved, plenty of complications, and so much detail that needed to be handled properly. Paul at Mortgage Choice made the whole process feel so much easier than it could have been. He was incredibly patient with all of our questions, always took the time to explain things to us, and never once made us feel like we were being difficult. He put in so much time and effort to get everything sorted, and the end result has saved us thousands of dollars every month, which is honestly incredible. Were so grateful for all of Pauls help and expertise and would absolutely recommend him to anyone looking at refinancing or getting a better deal on their mortgage”
MP
Not every debt needs to be moved.
Paul Wrensted has spent more than 30 years in finance. The point isn’t to tell everyone to refinance. It’s to help work out whether the mortgage, the other repayments, or the way they sit together is making the month harder than it needs to be.
If the numbers don’t support changing anything, that matters too.
You don’t need to know what the answer is yet.
Answer five quick questions and see what may be getting in the way before you decide whether to apply again.