Equity Line question

[investor2009]

Wow. What a breath of fresh air!

Thanks for coming on-board Viclender.
I've dealt with a few brokers on this forum and must say that they haven't been as helpful as some say they are..

Good to have you here and it sounds like you have good experience

 

[Spectre]

Hmmm

I'm just on the CRA Hits. So i asked my CBA BDM this am. Their reply is below (note I edited out their contact info for obvious reasons). Scroll thru the email trail.

IMO its probably looking at the ramifications of what all those hits can result in.





From:
Sent: Wednesday, 8 December 2010 9:32 AM
To: Richard Luke - Oshawa Financial
Subject: RE: Cra hits

Yep the pre-approval is a request for finance

________________________________
Commonwealth Bank
--------


From: Richard Luke - Oshawa Financial
Sent: Wednesday, 8 December 2010 9:31 AM
To:
Subject: RE: Cra hits

Hi
Assume this includes the preapproval?



-----------
From:
Sent: Wednesday, 8 December 2010 9:18 AM
To: Richard Luke - Oshawa Financial
Subject: RE: Cra hits

Hi Richard,

1 Veda check per application lodged.

Regards,


________________________________
Commonwealth Bank


From: Richard Luke - Oshawa Financial
Sent: Wednesday, 8 December 2010 9:12 AM
To:
Subject: Cra hits

Hi Question please

If we have a client coming to CBA
Looking to do
1) A refinance for say $350k
2) A separate facility for cash out (or split in line with 1) for $50k
3) A preapproval for a new IP for say $450k

How many checks does CBA put on their Veda?

 

[VIC Lender]

Maybe we should start another post about policies and proceedures...

As your BDM might of said - one per application. Not one per product!

For the refinance and deposit: One application - two products - one CRAA. Unless you are going to tell me you can't have multiple products in one application?

In terms of the third app lets not argue. CBA don't have the cash out restriction anyway so just take your deposit and apply where you like for the third loan. I am saying you can incorporate it as an unfunded part of the first application.

I'm not even saying that CBA is the best option here. But if you want to keep asking questions I will continue to answer.

 

[Gargamel]

I was notified yesterday of a credit enquiry for the LOC. Should know soon the outcome.

 

[Gargamel]

So I have conditional approval, waiting on valuation now.

 

[tobe]

Just to go off topic again,
Why would you post stuff like this on a public forum if you are employed by a major bank vic?

"Not sure how many second teirs use bank statements to verify income e.g. If a client has an ATO adjustment they get higher net pay and if you use bank statements to verify income (working on net) you can ultimately boost lending capacity by plenty versus payslip verification."


Notwithstanding NCCP. isn't it just asking to be fired?

Isnt this the problem with mobile bank lenders and rogue bank mangers having sign off priviledges they abuse and get the bank in trouble?

 

[VIC Lender]

Just to go off topic again,
Why would you post stuff like this on a public forum if you are employed by a major bank vic?

"Not sure how many second teirs use bank statements to verify income e.g. If a client has an ATO adjustment they get higher net pay and if you use bank statements to verify income (working on net) you can ultimately boost lending capacity by plenty versus payslip verification."


Notwithstanding NCCP. isn't it just asking to be fired?

Isnt this the problem with mobile bank lenders and rogue bank mangers having sign off priviledges they abuse and get the bank in trouble?

No. You are incorrect. Net wage via Regular salary is acceptable not only by the major 4 ; but as far as I am aware BOQ, Suncorp, Bendigo and no doubt some others.

Just as neg gearing is allowed and within policy. So is using net income. If a deal is tight you can also use this and send to credit for them to sign off therefore no dodgy deals or not disclosing facts - you can even include it in the files notes.

My point is that a lender will not include depreciation etc if it is via an annual tax refund but they will accept it as a weekly component in your cash flow.

No different than adding back depreciation from a company tax return - also allowed by most lenders.

P.s. I'm not a bank employee.

 

[Gargamel]

I forked over $180 for valuation yesterday.

 

[Rixter]

I forked over $180 for valuation yesterday.

Is that good or bad? Sounds about the norm to me.

 

[Gargamel]

Not complaining, just noting the progress

 

[Rixter]

Not complaining, just noting the progress

Rodger that!

 

[tobe]

Sorry, but supplying 3 months transaction statements as net salary evidence, and then having the lender gross this up for negative gearing, when in fact it was already grossed up due to an ATO variation, is at best dodgy behaviour. Im sure any lenders compliance department would be interested.

I know both direct lenders and brokers use these sorts of 'loopholes' to have deals approved, my only question is why you would post it on a public forum while you are a salaried employee?

 

[Gargamel]

Valuation is in, recieved email from the bank saying I'm approved

I'n not likely to need access to these funds for several months, is this likely to be an issue? How long can you let an unused LOE sit around before the bank withdraws/closes it?

 

[Gargamel]

*bump* anyone for more LOE n00b help?

 

[Rolf Latham]

draw 100 bucks out of it

ta
rolf

 

[Gargamel]

LOL good point.