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Will I Get Approved for a Mortgage?

Whether you get approved for a mortgage or not may seem out of your control, but there are things you can do to improve your chances.

The bank will look at your current financial situation, and how you’ve acted in the past, to decide how risky they think lending to you would be. The mortgage approval process used to be completely in the hands of the branch manager, but is now largely computerised. This means it is now much more consistent and fair. In the past you could be turned down if the branch manager didn’t like you!

This also means that if you know what the computer algorithm is looking for, you can make sure you tick all the right boxes. Keep the following do’s and don’t’s in mind to increase your chances of qualifying:


  • Increase the size of your deposit
  • Generally the larger your deposit the cheaper your mortgage rate will be.

  • Apply for realistic mortgages
  • Applying for large mortgages that get rejected will negatively affect your credit score. This in turn will reduce your chances of qualifying for the best mortgage rates.

  • Eliminate credit card debt
  • Pay bills consistently and on time
  • This will help improve your credit score, and demonstrate your reliability to the lender.

  • Shop around
  • See what deals the market has to offer, they are competing for your business so you’re likely to find a good deal if you spend a bit of time researching.



  • Switch Jobs
  • Someone in long term employment looks like a more secure prospect to a lender than a borrower who has only recently started a job or changes work regularly. If you’re looking to move jobs, it might be worth focusing on securing a mortgage before making the transition.

  • Make any major purchases
  • A potential lender wants to see evidence of frugality. Hold off purchasing a car, major appliance or any expensive furniture until you secure a loan.

  • Take any unpaid time off
  • Open or increase any liabilities

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