What is the first step I should take if my loan is rejected?

If your loan application has been rejected, the first thing to do would be to find out the reason for decline. It is advised to check with the concerned lending institution for exact reason of decline. If the reason stated is related to your Credit Score or Credit Report; it is advised that you obtain a copy of your credit report from the concerned credit bureau. Once the credit bureau report has been received, then you need to scan the report thoroughly to understand the concern. On identification of the concern you can either chose to work towards a resolution on your own or you can engage a credit advisory company to help you.

I also found this article very helpful. It outlines the steps you should take and gives advice which is quite simple to follow. propertybuyer.com.au/richs-blog/what-to-do-if-your-home-loan-is-rejected/