FYI just heard back that QBE have declined the LMI not sure why yet but I have a few ideas from this thread. thanks for your advice.
95% lend mortgage insurance
- Thread starter tambourineman
- Start date
That's unfortunate. To move on from here, I'd suggest that you wait 6-12 months so your credit file will clean itself up, and work hard at saving additional funds in the meantime.
Don't bother with BankWest pre-approvals in future. They're not worth the paper they're printed on.
Don't bother with BankWest pre-approvals in future. They're not worth the paper they're printed on.
OK
So the story goes for future reference that it was the credit enquiries and not the issue with stamp duty that were the problem.
Oddly enough, the HLM from BankWest has now referred us to Liberty Financial - would this be a mistake? I find this odd, as far as I am concerned I don't have bad credit, I just probably could have gone about the process a bit better.
So the story goes for future reference that it was the credit enquiries and not the issue with stamp duty that were the problem.
Oddly enough, the HLM from BankWest has now referred us to Liberty Financial - would this be a mistake? I find this odd, as far as I am concerned I don't have bad credit, I just probably could have gone about the process a bit better.
The stamp duty was also a problem, probably more so than the credit enquiries.
If you need to borrow more than 80% of the property value, keep it as simple as possible.
If you need to borrow more than 80% of the property value, keep it as simple as possible.
I would cool my heels
And perhaps take on some advice from those that do this stuff everyday, and prefer not to throw mud at the wall, which it appears is what the BWA HLM has done...........
Just as an aside, what % success rate did the HLM suggest this deal would have ?
ta
rolf
Dont read too much into the reasons given. The whole idea of having a black box credit scoring system is not to give clues as to what will and wont be approved. Yes, number of credit enquiries might have been one of the reasons for decline, however it could have been a number of things, and those reasons wont necessarily be passed onto the borrower bank manager/broker.
Absolutely. In most credit scoring programs there are literally 50+ criteria that are added up and 'scored'. If you don't meet the score, you get rejected and it can't be boiled down to any one factor. The bank manager/broker can only guess what it might've been.
Reading between the lines I think the HLM is covering up for his / her mistake as he / she told you the stamp duty rebate would not be an issue when they should have known better. We can never know for sure though.
The Agent has referred us to a Broker who is ex CBA.
We have fully explained our situation, including detailing out all of our credit enquiries and the stamp duty etc.
He has put the application to CBA today - he is very confident and said we shouldn't have gone to BankWest under these circumstances.
I figure if we have to wait 6 or 12 months then one more try isn't going to make a difference in the scheme of things.
We have fully explained our situation, including detailing out all of our credit enquiries and the stamp duty etc.
He has put the application to CBA today - he is very confident and said we shouldn't have gone to BankWest under these circumstances.
I figure if we have to wait 6 or 12 months then one more try isn't going to make a difference in the scheme of things.
yes i obtained it around the time i applied for the bankwest loan
If I was going CBA, first thing would have been to spend 99 bucks to get a valuation done before app to see how he CBA panel valuer sees the special conditions.
More mud perhaps ?
ta
rolf
Chances are very high that your deal will score a 5 ( which is down for the count) if you have more than 4 enquiries in the last 12 mths.
AMP I could understand, Suncorp I could ( though they wouldnt touch it now having been downed by QBE) but not CBA
While CBA do a in house DUA for MI, their scoring is pretty sad on a bust file, esp if the age to net asset to income ratio doesnt sit well.
ta
rof
Surely the Broker would know this? He is ex CBA and told me he had 'made a phone call' to discuss it before taking up our deal because he didnt want to waste anybody's time.
I must admit i find this very surprising, one would think I had not been paying my bills - these are credit enquiries not defaults.
I must admit i find this very surprising, one would think I had not been paying my bills - these are credit enquiries not defaults.
Personally just had a very bad experience with CBA with a 95% lend. Everything was good until they pulled the plug at the very last minute. Did CBA valuations up front and everything was in order. Broker then took deal to Westpac who gave unconditional approval yesterday through what was a very quick process.
its certainly a lot harder than it used to be and its pretty frustrating I guess they have their reasons for doing it this way but we figure we will give it the best go we can now and if it doesnt work out then we will sit on the fence and move on for a while.
there is a lot of competing opinions, the broker says we should have done it this way to begin with and he sees no problem with it whereas the advice I have on here is that it is very marginal makes it tough
there is a lot of competing opinions, the broker says we should have done it this way to begin with and he sees no problem with it whereas the advice I have on here is that it is very marginal makes it tough
Amazing it just happens to be the exact same estate agent you are working with that knows the exact right broker that can do this deal. What an amazing coincidence.
Brokers need to exude confidence, thats how they get clients and applications submitted. For a percentage of their clients, the confidence is justified, because their loans get approved. The other percentage unfortunately arent..
Brokers need to exude confidence, thats how they get clients and applications submitted. For a percentage of their clients, the confidence is justified, because their loans get approved. The other percentage unfortunately arent..
CBA has an underwriting authority with their mortgage insurer so this is acting in your favour. Personally though I wouldn't recommend CBA knowing what you've disclosed about your credit report as CBA tend to score multiple enquiries very harshly.
The good news is that if CBA the electronic applicaiton isn't rejected immediately, the odds of success do improve, whereas BankWest have a tendancy to reject applicaitons later rather than earlier.
the proof will be in that little email that will say approved ......hopefully
ta
rolf
