“If you have a high number of enquiries on your credit file it can result in you failing the credit scoring system and having a loan application rejected, even if you are in a good financial position,” says Mr Amit Sharma.

“It’s very common that when you come to a bank to check on how much you can borrow, the branch staff lodge your application through the system to determine your borrowing capacity.

“This will be recorded as an inquiry. If you end up with a number of enquiries on your file it can result in automatic decline by several lenders because you are considered to be a credit risk.”

Mr Amit Sharma says other factors considered by lenders include employment history, residency status, age, the level of personal debt as well as the applicant’s asset and liabilities position.

Amit Sharma provides mortgage broking services in all Melbourne suburbs including but not limited to: St Albans, Deer Park, Caroline Springs, Hillside, Taylors Lakes, Taylors Hill, Sydenham, Burnside, Cairnlea and Sunshine.

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