Are people having delays with getting finance approved?
- Thread starter Chandy
- Start date
Are you tied to RAMS for a particular reason eg self employed?
If so, Tobe from the forum here is a VIC RAMS broker and knows his stuff so you can probably switch across to him if its already been to credit
http://somersoft.com/forums/member.php?u=7967
Alternatively the RAMS broker I used to use in Sydney was pretty good too
If so, Tobe from the forum here is a VIC RAMS broker and knows his stuff so you can probably switch across to him if its already been to credit
http://somersoft.com/forums/member.php?u=7967
Alternatively the RAMS broker I used to use in Sydney was pretty good too
No, not self employed, husband and I combined have a good wage.
We recently re-financed with RAMS to get equity from one IP to buy this IP. Finally got hold of the girl and she said now there is an issue with the valuers report, he has to resubmit it with some correct information, unfortunately its in his hands now how long that takes. Incompetent people have had the valuers report for 1.5 weeks and they only picked this up!! When challenged her on that she said the report only came in but I advised her that she confirmed me that they received it 1.5 weeks ago.
Not happy, will be taking my business elsewhere, I have to get another extension on the finance!
We recently re-financed with RAMS to get equity from one IP to buy this IP. Finally got hold of the girl and she said now there is an issue with the valuers report, he has to resubmit it with some correct information, unfortunately its in his hands now how long that takes. Incompetent people have had the valuers report for 1.5 weeks and they only picked this up!! When challenged her on that she said the report only came in but I advised her that she confirmed me that they received it 1.5 weeks ago.
Not happy, will be taking my business elsewhere, I have to get another extension on the finance!
Getting an amendment to a valuation report should take about 48 hours. The hard part is often in the valuer getting access to the property, but this is rarely needed for an amendment.
I applied for a 50K top up loan with CBA 6 weeks ago!!
They kept asking me for one thing after another.
They knocked it back coz apparently my 2012 income wasn't income.
So I gave them 2013 (higher income).
2 leases have expired since then and I have given them renewed lease agreements.
It's now with Genworth, and still no approval.
CBA loan officer said maybe next week.
Is this normal? Or are they putting me through the hoops because they have nothing to gain from it? Ie, no granny flat or home improvements?
I'm simply adding it to my buffer.
They kept asking me for one thing after another.
They knocked it back coz apparently my 2012 income wasn't income.
So I gave them 2013 (higher income).
2 leases have expired since then and I have given them renewed lease agreements.
It's now with Genworth, and still no approval.
CBA loan officer said maybe next week.
Is this normal? Or are they putting me through the hoops because they have nothing to gain from it? Ie, no granny flat or home improvements?
I'm simply adding it to my buffer.
urghhh
Must be > 1 mill in total LMI loans so thats why it needs to go to the insurer.
ta
rolf
Thanks Rolf & Aaron.
Part of the delay was due to the CBA loan officer understating my rental income by 50k!
Apparently they ignored my 2013 tax return rental info and instead, took a week's rent from my bank statements and x it by 52! This was a problem coz some tenants pay monthly or fortnightly. I even had one that paid 6 months in advance back in May. So obviously not all the rent were factored in.
Part of the delay was due to the CBA loan officer understating my rental income by 50k!
Apparently they ignored my 2013 tax return rental info and instead, took a week's rent from my bank statements and x it by 52! This was a problem coz some tenants pay monthly or fortnightly. I even had one that paid 6 months in advance back in May. So obviously not all the rent were factored in.
I would be thinking twice before using this banker again, poor form which could of been costly if it already hasn't for you.
Rental income can't even be verified that way so it shouldn't of been an issue, to use rental credits to an account it must be 3 months of consistant credits to the account. I very rarely use this method as when property is managed by an agent credits are net. And using a tax return unless property didnt have any vacancies isn't going to give you maximum income for servicing. Best method is a rental statement or lease agreement (or valuation but usually like most valuations these are lower)
I've received my first good news from CBA in over 6 weeks.
Apparently, Genworth has finally accepted my income!
I'm assuming the loan will go through now.
She then went to say: 'I?ve now escalated the application for my assessor to complete the rest of the checklist for your application. I?ll contact you as soon as that is completed. Once done we can progress the application for funding then.'
Shall I pop the bubbly?
Apparently, Genworth has finally accepted my income!
I'm assuming the loan will go through now.
She then went to say: 'I?ve now escalated the application for my assessor to complete the rest of the checklist for your application. I?ll contact you as soon as that is completed. Once done we can progress the application for funding then.'
Shall I pop the bubbly?
