ANZ low doc 60

Any general questions you might have in regards to loans and finance.
Mikey81
Posts: 6
Joined: Thu Feb 11, 2010 5:36 pm

ANZ low doc 60

Postby Mikey81 » Wed Apr 07, 2010 4:29 pm

Hi Otto

In regards to the ANZ low doc 60, will it affect my chances of getting approval if I was declined for a loan from them last year?

I checked my credit report and it shows the credit enquiry for an ANZ loan in March 2009.

Also, is it better to apply through a mortgage broker or apply myself? e.g. higher chance of approval.

Thanks for your help.

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Otto Dargan
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Location: Sydney, Australia
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Re: ANZ low doc 60

Postby Otto Dargan » Thu Apr 08, 2010 8:35 am

Yes if you have previously applied for a loan with ANZ then they will match the data from your previous application, review the reason that the previous loan was declined and if the data (income, assets, liabilities etc) do not match your previous application closely then they may decline the loan.

ANZ also applies a credit score to all loan applications. If you have many credit enquiries in the last 12 months then they will likely decline the loan. Generally 4 or more enquiries with financial institutions (credit cards, personal loans, car leases, home loans etc) is an instant decline.

If you are PAYG then ANZ may still be your best option however the loan application will need to be carefully put together to avoid a decline. If you are self employed then I would recommend you apply with another lender as the ANZ low doc 60 may not be the best option for you.

Applying direct with the bank or through a mortgage broker will not make any difference as to how ANZ views your loan. Our brokers are all ex-credit staff who have worked for the banks approving and declining loans. So they can quickly see if your loan is likely to be approved or not and if so can put together a case and present your loan in the best possible way to maximise your chances of loan approval.

Do you know the reason why your loan was declined last year? Have you got any other credit enquiries since the ANZ enquiry?

Thanks
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts


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