When can I apply for a home loan after being declined?

This really depends on the reason your home loan application was rejected.

If it was rejected due to a poor credit record then you’ll want to try and improve your credit record before reapplying. According to businesstech.co.za, improvements usually start showing up on the credit record after around three months, but it’s recommended to wait about six months before reapplying.

If your application was rejected for reasons that have to do with the property itself, such as its affordability, you could reapply immediately if you’re willing to do so on an alternative property.

Furthermore, home loan providers vary in terms of how strict their lending criteria are. So you could try reapplying immediately with a different lender.

This is where the services of a home loan comparison service, such as ooba Home Loans, are invaluable. We can submit your application to multiple banks, thereby improving your chances of obtaining home loan approval.