Hi Guys,
My personal experience. I currently have a sole home loan with Westpac and lodged an app to refinance to loans.com.au. The application was lodged mid-Sep, believe or not I have yet obtained a final approval.
I'm in stable employment to a single employer for 5 years, the borrowing amount is far less than my capacity (470k vs 650k). On top of that, I have equal amount of cash sitting in the loan offset account through savings. I was planning to use that equity in offset account to acquire an investment property, and go with the same lender.
I have a spotless credit history, no other debt, no dependent, not even own a car, credit limit altogether is 12% of annual package, and balance is paid off every month.
Only thing of problem is my employer doesn't provide pay slip, but my salary credit into my account every month. Together with tax statement and group certificate for last 3 years. It's good in anyone's call.
After multiple round of communication back and forth, my loan manager essentially called me once very week, and demanded more proof. I ended up giving them financial statement of every account I have. And finally they told me I can only get 75% LVR (They say it's because I recently refinanced within Westpac to get rid of the early exit fee), and it's still subject to final approval after 2 months!
At this point I'm fed up. I don't need to refinance anyway, I'm really after building a property portoflio at best cost. I don't know if I should just give up on the 220 bucks I paid for the evaluation, and go with a mainstream lender. Or I should continue with loans.com.au and hope for the best, assuming next time when they would go easy on me because I already got a loan account with them.
Anyone here has experience using a discount lender to build a property portfolio would like to share their story? Very much appreciated!
My personal experience. I currently have a sole home loan with Westpac and lodged an app to refinance to loans.com.au. The application was lodged mid-Sep, believe or not I have yet obtained a final approval.
I'm in stable employment to a single employer for 5 years, the borrowing amount is far less than my capacity (470k vs 650k). On top of that, I have equal amount of cash sitting in the loan offset account through savings. I was planning to use that equity in offset account to acquire an investment property, and go with the same lender.
I have a spotless credit history, no other debt, no dependent, not even own a car, credit limit altogether is 12% of annual package, and balance is paid off every month.
Only thing of problem is my employer doesn't provide pay slip, but my salary credit into my account every month. Together with tax statement and group certificate for last 3 years. It's good in anyone's call.
After multiple round of communication back and forth, my loan manager essentially called me once very week, and demanded more proof. I ended up giving them financial statement of every account I have. And finally they told me I can only get 75% LVR (They say it's because I recently refinanced within Westpac to get rid of the early exit fee), and it's still subject to final approval after 2 months!
At this point I'm fed up. I don't need to refinance anyway, I'm really after building a property portoflio at best cost. I don't know if I should just give up on the 220 bucks I paid for the evaluation, and go with a mainstream lender. Or I should continue with loans.com.au and hope for the best, assuming next time when they would go easy on me because I already got a loan account with them.
Anyone here has experience using a discount lender to build a property portfolio would like to share their story? Very much appreciated!