Credit File Question

[dreamgirl]

Hi all,

I'm in the process of applying for a loan pre-approval.

The bank queried a recent QBE search in my credit file.

I have never dealt with QBE.

Should I be concerned and check my credit file?

Cheers,
dreamgirl

 

[jackbak]

You only need to be concerned if the bank is concerned. Just because they queried it doesn't mean it's a big deal, it's normal for the bank to ask you to explain certain listings on your file.

 

[AlmostBob]

this may be the first stage of an identity theft, and the hassles it brings
Contact QBE and ask them to explain why there is a search by them on your file,
qbe are the provider of services underwritten by a number of other insurers, it may be legit, it may not

 

[Aaron_C]

QBE would be the mortgage insurer so you have obviously applied for an LMI loan in the past?

 

[dreamgirl]

QBE would be the mortgage insurer so you have obviously applied for an LMI loan in the past?

Thanks Aaron,

That makes sense now.

I did a recent top up loan and perhaps the LMI was with QBE group.

I was wodering if it was a case of identity theft, that's all...

dreamgirl

 

[Aaron_C]

Ah no worries. Just FYI when you sign that privacy consent form for the lenders there is a little box saying you allow their third party mortgage insurers to check your file too (i.e. Genworth, QBE)

 

[dreamgirl]

Ah no worries. Just FYI when you sign that privacy consent form for the lenders there is a little box saying you allow their third party mortgage insurers to check your file too (i.e. Genworth, QBE)

Thank you! I learned something new today...

 

[Rolf Latham]

most small to middling lenders do NOT have their own DUA ( permission to approved their own LMI via an LMI provider)

thats the case here as has been suggested.

As an aside, if you want to build a portfolio quickly and over 80% lvr........best to avoid lenders that dont have DUA....... 2 credit hits for every approval.......... vs one for lenders with DUA

ta
rolf

 

[Robstar]

That's good to know, thanks Rolf

 

[dreamgirl]

most small to middling lenders do NOT have their own DUA ( permission to approved their own LMI via an LMI provider)

thats the case here as has been suggested.

As an aside, if you want to build a portfolio quickly and over 80% lvr........best to avoid lenders that dont have DUA....... 2 credit hits for every approval.......... vs one for lenders with DUA

ta
rolf

Thanks, Rolf.
So which lenders have DUA?

 

[Rolf Latham]

Thanks, Rolf.
So which lenders have DUA?

most lenders have some from of DUA and or self insurance

eg

CBA
ANZ
WBC
AMP
NAB
Sucorp

and many others


But also note that diff lenders have diff levels of DUA even with the same insurer and it can be useful to know whats what with whom when you start pushing exposure limits

DUA also often means that the LENDERS policy andservicing is applied, NOT the insurers........ and that alone is a heap of help where you are working with funny properties, remote postcode etc

ta
rolf


ta

rolf

 

[dreamgirl]

Thanks for that
I believe it was my Suncorp top up loan that caused the QBE search that I mentioned.

 

[Rolf Latham]

Thanks for that
I believe it was my Suncorp top up loan that caused the QBE search that I mentioned.

then for some reason they referred it to the insurer

do u have lots of loans with them that are mortgage insured ?

ta
rolf

 

[dreamgirl]

then for some reason they referred it to the insurer

do u have lots of loans with them that are mortgage insured ?

ta
rolf

I have a couple of loans with them, total <600K.
Both with LMI.

 

[Rolf Latham]

and id guess the aip was for more than250 k ?

ta
rolf

 

[dreamgirl]

and id guess the aip was for more than250 k ?

ta
rolf

Yes.
Loan has been approved
Settles Tuesday week.