Before buying any property, buyers are advised to understand where their credit rating is. During downturn, banks are usually stricter with loan approval thus some may not be able to get a loan.
Banks usually looks at a few factors to approve loans. They can include (not limiting), Credit Bureau Rating, any litigation, income, fixed expenses (eg loans), source of income, etc. Even if the applicant has good rating and no on-going litigation, sound income, etc, they may still not secure a loan.
Potential property buyer need to ensure they are able to secure a loan before they place a deposit for a new property, or face a risk of loosing their deposit.
Advise, please seek an in-principle approval before acting on a purchase.
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