banks really tightening up
- Thread starter Joeyv
- Start date
I have been in property for 20 years. As far as my experiences go, its always been like this. There was a brief period just before the GFC when things were a bit slack. Now its back to what its always been.
Perhaps some of the mortgage brokers and ex bankers on this forum can share their experiences? No doubt they will be more informed than those of us who use the bank to borrow just a few times in our lives.
Perhaps some of the mortgage brokers and ex bankers on this forum can share their experiences? No doubt they will be more informed than those of us who use the bank to borrow just a few times in our lives.
Haven't been in banking for 20 years, but there is a bit of tightening that's happening in lending markets right now, and likely to be over the next few months (high LVR cash outs, IO PPOR/rollovers, etc.). It's all reasonably consistent with this stage of the 'property cycle' though. I also wasn't in banking then, but towards the later part of the 02-04 boom, there was also some tightening in lending standards.
Market lending standards will oscillate with the cycle over time - GFC was a good reminder that brought prudency/stability back to the centre. Saw the decline of no doc/sub prime lending since.
As Dave said, the OP example is pretty common though (can see Westpac Group asking for it).
Cheers,
Redom
Market lending standards will oscillate with the cycle over time - GFC was a good reminder that brought prudency/stability back to the centre. Saw the decline of no doc/sub prime lending since.
As Dave said, the OP example is pretty common though (can see Westpac Group asking for it).
Cheers,
Redom
1. I don't see how that is your business but I am moving into PPOR in new year
2. I am only 26
3. Also I have a fair amount of debt that I have been slugging away at last 3 years if you must know
4. I suppose their scrutiny is justified
we tend to allow 800 a mth for folks living at home when doing their servicing
ta
rolf
ta
rolf
If you're lol worried about the lender lol asking for a fairly basic letter lol, then you may find in the future lol that there will be far more significant hurdles to face lol.
pinkboy
Fairly normal for some lenders, common for new borrowers/tight servicing.
Are you jealous of my retire at 35 goal?
or just some sort of stalker?
Either way I can't see why you would care soo much about my living standards or situation.
I already have faced more significant hurdles in my life than a bank letter I was just finding it weird they needed that letter when they never have before and was sharing it with the online community that also shares an interest in property investment that are usually friendly.
Chill out old man
Ps
Lol
Your bike missing a seat this morning pb?
Haha PB's a straight talker.
Batting in for OP - I don't think its that unusual to live at home at 26.
I know in my culture, my folks would love it if I lived with them indefinitely - grew my family and it just merged into a big one. Lots of people I meet in my cultural community do this - they're generally heralded as 'great boys'. Pretty similar in Asian cultures too.
Definitely not my thing, regardless of how much I can save, but sure this is my folks dream. Generally speaking, the 'giving folks space' is not really a custom in eastern cultures.
Cheers,
Redom
