Thanks for your replies. I'm more concerned about future small loan applications as I applied for a debt consolidation loan but got rejected due to credit file activity (mortgage approval and another pre-approval which I didn't proceed with - these were in space of 2-3 months). Not looking to buy our next property for ~3 years.
Thanks for your replies. I'm more concerned about future small loan applications as I applied for a debt consolidation loan but got rejected due to credit file activity (mortgage approval and another pre-approval which I didn't proceed with - these were in space of 2-3 months). Not looking to buy our next property for ~3 years.
It is 487 however, there are 5 hits on there for the same thing - 2 pre-approvals, one mortgage approval and then 2 hits for LMI for same property. I guess that would rule me out of anything for the next 9 months or so.
Your enquiry history doesn't do any favours, but it's not the end of the world either. There's a good chance that you'll run into problems with credit scoring. There are however lenders who don't credit score at all. They'd want to know what's happened, but if the story makes sense they'll be okay with it.
There's also lenders whose scoring systems are more understanding, or will at least mitigate it. You had several pre-approvals and a purchase. The simple solution may be to use the same lender as they have an understanding of what's happened so far.
It is a delicate scenario and will depend on quite a few variables. As always the best advice is to have a detailed discussion with your broker about these issues.
It is 487 however, there are 5 hits on there for the same thing - 2 pre-approvals, one mortgage approval and then 2 hits for LMI for same property. I guess that would rule me out of anything for the next 9 months or so.
You can possibly get some of these enquiries combined if they were the same application and were for multiple enquiries from the same lender. E.g. if ABC bank did three enquiries and XYZ LMI did two enquiries then you can combine this to be one for each of ABC and XYZ.
A subscriber of Veda Advantage can do this for you if they know what they are doing. Call the mortgage broker that you used and hopefully they can do this for you.
FYI Veda is upgrading their system soon so that is will automatically combine many of these enquiries to avoid people being penalised.