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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.
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.
Best method is a rental statement or lease agreement (or valuation but usually like most valuations these are lower)
Shall I pop the bubbly?
yup
rare that youd have any issues from here
ta
rolf