Talk about being super cranky!
I've been working with a financial planner, buyer's agent, and mortgage broker for months - and we'd finally found the ideal property, where all the numbers stacked up, and it was all 'workable'. I even had pre-approval for the amount I knew I was looking to spend - no problems there.
But, after now spending money on the deposit, and the pest/building inspections etc, and trying to finalise the finance, the bank has knocked back my loan application! How can they do that?
Nothing in my financial situation has changed between the pre-approval date and now (my income and expenses are identical now to what they were when the initial application was filled out), plus the amount I was looking to borrow was the amount indicated at pre-approval, and I was still within the 90-day pre-approval period.
The problem is that, after waiting days to find all this out, it looks like I'm now going to lose the contract, based on finance (that I was assured that I had).
Anyone got any ideas for recourse, or options? And now that I've been knocked back once, and need to declare this on any future applications, I look like a credit risk.
I've been working with a financial planner, buyer's agent, and mortgage broker for months - and we'd finally found the ideal property, where all the numbers stacked up, and it was all 'workable'. I even had pre-approval for the amount I knew I was looking to spend - no problems there.
But, after now spending money on the deposit, and the pest/building inspections etc, and trying to finalise the finance, the bank has knocked back my loan application! How can they do that?
Nothing in my financial situation has changed between the pre-approval date and now (my income and expenses are identical now to what they were when the initial application was filled out), plus the amount I was looking to borrow was the amount indicated at pre-approval, and I was still within the 90-day pre-approval period.
The problem is that, after waiting days to find all this out, it looks like I'm now going to lose the contract, based on finance (that I was assured that I had).
Anyone got any ideas for recourse, or options? And now that I've been knocked back once, and need to declare this on any future applications, I look like a credit risk.