{"id":5454,"date":"2024-07-18T09:23:24","date_gmt":"2024-07-17T23:23:24","guid":{"rendered":"https:\/\/financialplus.com.au\/?p=5454"},"modified":"2024-07-18T09:23:24","modified_gmt":"2024-07-17T23:23:24","slug":"is-fear-of-rejection-holding-you-back-from-your-life-goals","status":"publish","type":"post","link":"https:\/\/financialplus.com.au\/is-fear-of-rejection-holding-you-back-from-your-life-goals\/","title":{"rendered":"Is fear of rejection holding you back from your life goals?"},"content":{"rendered":"

\"\"Scared to apply for a home loan? You\u2019re not alone. Fear of rejection has stopped one in five Aussies from applying for finance over the past year. We explain what\u2019s driving this fear, and\u00a0how you can boost your chances of getting approved.<\/strong><\/p>\n

No one enjoys rejection. But despite this, there are plenty of times in life when we put ourselves in a position where rejection is a possibility.<\/p>\n

From applying for a new job to asking the love of your life to marry you, the risk of a knock back isn\u2019t too far away.<\/p>\n

Yet we give it a go because the rewards of success outweigh the disappointment of being turned down.<\/p>\n

It\u2019s the same when it comes to applying for a home loan.<\/p>\n

Sure, you could get a \u2018no\u2019 from a lender. But if you get the thumbs up, you\u2019re on the way to buying a home!<\/p>\n

This is worth bearing in mind because a\u00a0new survey by Finder shows<\/a>\u00a0that over the past year, one in five (19%) Australians have avoided applying for finance, including home loans, out of fear they\u2019d be knocked back.<\/p>\n

The rejection concern that bothers borrowers<\/h3>\n

According to the research, one key aspect of being knocked back for a loan raises particular concerns for people \u2013 and that\u2019s what rejection could do to their personal credit rating.<\/p>\n

Let\u2019s set the record straight here.<\/p>\n

Being rejected for a loan is\u00a0unlikely to affect your credit score<\/a>\u00a0\u2013 a knockback won\u2019t even appear on your credit file.<\/p>\n

The thing that is much more likely to impact your credit rating is applying for a loan in the first place.<\/p>\n

When you submit a loan application, the lender will usually take a look at your credit report. This is called a \u2018hard enquiry\u2019.<\/p>\n

It is these enquiries that can lower your score, and they can stay on your credit file for up to five years.<\/p>\n

That\u2019s why it makes sense to minimise the number of loan applications you make.<\/p>\n

Better still, try and stick to one application and get it right the first time. And that\u2019s where we can really help you out.<\/p>\n

How to overcome fear of home loan rejection<\/h3>\n

Applying for a home loan can be nerve-wracking. After all, there\u2019s a lot riding on loan approval.<\/p>\n

But if fear of rejection is holding you back, there is a simple solution. And that\u2019s getting in touch with us.<\/p>\n

We can walk you through your credit report to explain any issues that could raise concerns with a lender. And if your credit score is a little low, we can share tips on how to improve it.<\/p>\n

Keep in mind though that your credit score is just one piece of the picture that banks look at.<\/p>\n

We look at your total position in terms of home loan readiness.<\/p>\n

Your income, household expenses, any other debts, and a variety of additional criteria that vary between lenders, all go into the mix of factors that decide whether you get the green light for a loan.<\/p>\n

We\u2019ll review it all, help you iron out any kinks in the application, and then line you up with a lender (and loan) that\u2019s a good fit for you.<\/p>\n

Disclaimer:<\/strong>\u00a0The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.<\/p>\n","protected":false},"excerpt":{"rendered":"

Scared to apply for a home loan? You\u2019re not alone. Fear of rejection has stopped one in five Aussies from applying for finance over the past year. We explain what\u2019s driving this fear, and\u00a0how you can boost your chances of getting approved. No one enjoys rejection. But despite this, there are plenty of times in […]<\/p>\n","protected":false},"author":23,"featured_media":5455,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[110],"tags":[],"class_list":{"0":"post-5454","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-home-loans","8":"entry"},"yoast_head":"\nIs fear of rejection holding you back from your life goals? · FinancialPlus Mortgage Broker Gold Coast<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/financialplus.com.au\/is-fear-of-rejection-holding-you-back-from-your-life-goals\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is fear of rejection holding you back from your life goals? · FinancialPlus Mortgage Broker Gold Coast\" \/>\n<meta property=\"og:description\" content=\"Scared to apply for a home loan? 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