Information about your declined application

If you have been declined for a loan, we encourage you to reapply if your situation changes. We’re here to help if you would like any more information.

You must be employed for at least six months with your current employer. and need to have passed your probationary period too.

If you are self-employed, you need to be able to show us financial information for at least two full financial years.

You may just need to wait a while and get back in touch when this time has passed. Contact your broker or home loan specialist if you'd like more information.

The property you were considering buying may not meet our minimum standards, as outlined in the conditional approval letter sent to you. Alternatively, it may be that the property you're considering is valued less than the contract price. 

You may want to consider negotiating the contract price or search for an alternative property. Contact your real estate agent, broker or home loan specialist to discuss your options.

You might find it helpful to read our guide to finding your dream home.

You don't appear to have enough available funds to cover the deposit or fees involved in the purchase of your property.

If this situation changes, you can get in touch to apply again.

We've put together a guide to saving a deposit that might be helpful.

Have you considered building a new home?

You may be eligible for the first home owner grant that could be used towards your deposit. You can weigh up your options for your future plans in our guide to build vs buy. 

When we assess you for a home loan, we need to ensure you can comfortably afford repayments. We look at your income level, any debts you may have and your current and future expenses, including the costs associated with home ownership. At this stage, we have decided that a home loan would not be suitable for you with your current financial situation. We have some great resources that you might find helpful for budgeting and reducing your debts.

Check your spending habits

When we review a loan application, activities like gambling transactions, short term money lenders and buy now pay later can affect your home loan application. You could set up a plan or seek help to change your spending behaviours.

Your financial situation can change of course. Talk to your broker or home loan specialist about what your options are. You may be able to work at reducing your debt and expenses. We encourage you to apply again if your situation changes. 

You can read more about how to check if you're ready for home ownership.  

Information in your credit report doesn't currently meet our requirements. You can obtain a free credit report from Equifax to better understand your credit score.

You can speak to your broker or home loan specialist to see what is involved with improving your credit score. You may be able to address this over time and we encourage you to apply again when you're ready.

Given your requirements or objectives, a home loan with us is not considered suitable at this point in time.

You can read more to prepare next time at our Deciding to buy a home hub.

There has been unsatisfactory conduct on your bank account, personal loan, credit card statement, or any other debt or liability held. This may include activity like dishonoured, missed or late payments, overdrawn accounts.

You may find it helpful to read our financial coach's 3 tips to take control of  your finances. 

Your financial situation can change of course, so when you're ready, get in touch to with your broker or Keystart home loan specialist to apply again. 

You need to be an Australian citizen or permanent resident to be eligible for a loan with Keystart.

If your status changes, get back in touch.