Don’t Let Fear of Rejection Hold You Back: Why Fear of Rejection Shouldn’t Stop You from Applying for a Home Loan
A recent Finder survey found that 1 in 5 Australians did not apply for a financial product in the past 12 months due to fear of rejection. Among these, home loans (5%), car loans (3%), and phone payment plans (2%) topped the list of products people avoided. One key concern driving this hesitation is the belief that being rejected for a loan could negatively impact their credit score.
However, it’s essential to set the record straight: it’s the act of applying for a loan—not whether you’re approved or rejected—that can affect your credit score. Each application leaves a mark on your credit file, which is why it’s important to limit the number of applications you make. Ideally, you should aim to get it right the first time.
Why Consult a Broker?
If fear of rejection is holding you back from applying for a home loan, the best course of action is to speak with a mortgage broker. Consultations are free, and a broker can provide a clear understanding of your borrowing capacity and what financial products you’re eligible for. Even if you’re not yet in a position to secure a loan, a broker can guide you on the steps necessary to improve your chances of approval down the track.
Many young Australians mistakenly believe they are far from being able to secure a home loan, only to discover—after speaking with a broker—that they’re in a much better position than they realised. Taking the time to consult with an expert can save you from unnecessary applications, reduce the risk of impacting your credit score, and give you the confidence to proceed with the right loan.
Learn more about how a mortgage broker can help you here.
Take the First Step with Confidence
Don’t let fear of rejection stop you from achieving your homeownership goals. Get in touch and book a free consultation with one of our experienced brokers today and take the first step toward securing a home loan with confidence.
