I Hate Nab!!!

Thanks guys for all the responses! It's certainly been great to see such a unified stance against these buggers.

This is what I did yesterday
1. Put my head under a cold water - man that feels good!
2. I called the bank and asked them what was the EXACT cause of the problem.
3. I wrote it all down, and started calling the credit card department, the collections agency and gathering info. After 1 hour of phone calls it turns out that in fact my CRAA HAS been cleared, but for some reason the guy at Commercial banking was looking at an old record (arent they supposed to run on ONE friggin system!?!?!?!?!).
4. I got verbal confirmation that my settlement will go as planned once the commecial manager gets a fax (i cant beleive this is all STILL DONE ON FRIGGIN PAPER!!!!) froim the credit department A-OKing my CRAA.
5. Should still settle today

In summary, yesterday went down into my little investment diary as one hell of a day.
At 9am - this block of flats was falling thru, and so was my new purchase of a $3M block because I could not get the deposit that the vendor wanted.
At 5pm - I had verbal confirmation of settlement on time, AND I had negotiated teh deposit to 50% of the original number, which I could get!

What a day!!!!

I love this journey! And no, I am not being sarcastic, it's stressful while you are in it, but next morning you wake up and say to yourself "I learnt SO MUCH yesterday". :)

:cool:
 
Oh yeah, one more thing...

I am using a financial broker, and she has done WONDERS for me... literally. My "team" is small at the moment, but she really makesup the core.

I don't know too many fin. brokers where when you call them and say to them "Hey, I need 6 million bucks" and they reply with "I'll get right on it". Hehehe.

And I am just a beginner (only 3 deals down, 4th on the contract).

And yes I did get her a very large basket of chocolates ... hehehehe. :)
 
Guess what!? This morning I get a call from them telling me that they rejected my finance AGAIN!

****ING MOTHER****ERS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Apparenyl, all of a ****ing sudden my "servicibility" is an issue. Nevermind the fact that my company pays for my accom and for my food and I am on a high salary, etc etc etc. PLUS THE FACT THAT THE DAMN PROPERTY is 10,000 per annum POSITIVE CASHFLOW AS IS!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

:mad: :mad: :mad: :mad: :mad:
 
Originally posted by geoffw
How is your equity?

Steve Navra's cash Bonds might help if your equity is good.
Click to expand...
I am putting 30% into the deal!!!!!

Anyway, I just had another call again... once again I have verbal approval and settlement will be on monday.
 
Deap breaths

Repeat after me " I will not murder the assessor clerk, I WILL NOT murder the assessor clerk"

Jas
 
Hi Iggy - u must be living on the edge ... servicability issue a few days before settlement? "Verbal" approval that the deal will be done? For a $3 million deal?

Good luck for monday

Cheers

Waverly
 
Originally posted by Waverlybay
Hi Iggy - u must be living on the edge ... servicability issue a few days before settlement? "Verbal" approval that the deal will be done? For a $3 million deal?

Good luck for monday

Cheers

Waverly
Click to expand...

A few DAYS before settlement? Try ON THE DAY of the settlement. (I hope my tone is not too aggressive... I am just very tightly strung as you can imagine at the moment).

This is a 240k deal... quite small actually, which is why I am so dumbfounded.

I just signed up a 3M deal tho (literally sent thru the signed contract 3 mins ago).... I am definetly not using NAB for this one!

Thanks for the support everyone, it's been a rollercoaster... but somehow I don't think this is quite the end of the ride.

Have a great weeekend everyone! :)
 
Once again, I know some seminar people will tell you to develop a relationship with your bank manager in order to get a better loan and all that, but almost without exception it is a waste of time and effort.Once again, I know some seminar people will tell you to develop a relationship with your bank manager in order to get a better loan and all that, but almost without exception it is a waste of time and effort.
Click to expand...
Ross,

This is not something I got from a seminar person- but I have found my personal banker (I've known him for five years) very helpful. He's twisted over backwards to get a deal through which would not have otherwise succeeded.

It may make a difference that he's with a dedicated "Financial Services" branch- only dealing with investors. But, whatever, he's done the right thing for me for the last five loans.
 
Originally posted by Iggy_Type_R
I am putting 30% into the deal!!!!!

Anyway, I just had another call again... once again I have verbal approval and settlement will be on monday.
Click to expand...
Well done on that Iggy. Wow, that is REALLY a big rollercoaster. Good luck for Monday!

When I mentioned Steve Navra's cashbond helping cashflow. That works very well if you have equity in other properties- but when you don't have servicability. It is something which helps you convert servicability into cashflow.

Sorry, it doesn't help now. You're in the middle of something, and in a hurry. But it may be worth investigating when this lot has calmed down- if you do have that equity (over and above the 30% down) and the bank is complaining about servicability, it's is a good way to increase that servicability. Worth checking as a long term solution.
 
Thanks for keeping us up to date with things Iggy - perhaps we should look at trying to do a "reality TV" show with people attempting to organise finance for a deal - tension - conflict - passion - would be a winner I think !
 
I settled on this property yesterday! After a few more dramas!!!

I turn up to the branch on monday morning to sign the papers. They tell me I need to find a solicitor to witness the gurantee document... DOH! 2 days before Xmas... yeah that was EASY! Not. Anyway, found one at 4:15pm. Ran over to the NAB at 4:45pm to get it all signed. Signed all the papers, I get home... and I get a phone call from the bank... guess whAt!? they forgot to give me the LOAN DOCUMENT to sign... ie the main document that says that I accept the mortgage... GRRRRRR.
So I turn up at 7:15am yesterday to sign it...and at 11am I settled.

Thew... I am tired.

Now I have to find 3.25 million bucks.... oh boy what did I get myself into!?!?!? ;)

Merry Christmas and Happy New (and WEALTHY!) Year! :)
 
Well done Iggy!!

Seeing all the dramas you had, I am curious as to why your broker was not on top of this way before the problems happen?

I assumed (incorrectly??) that by using a broker, not only did they try and find the best deal, but also they kept on top of the loan application to ensure all the necessary documents etc were forwarded and signed?

To see that the loan docs not signed, the guarantee not signed, and all this coming out the day before settlement just makes me wonder whether we expect too much from brokers or whether they should be on top of problems like this.

Would be good to hear from both brokers and borrowers who have used brokers about whether Iggy should have expected the Broker to have been aware and on top of things such as the documents being signed, or should you just expect the broker to find you the loan and then pretty much keep out the way???

Cheers,

Noddy
 
Originally posted by noddy
Well done Iggy!!

Seeing all the dramas you had, I am curious as to why your broker was not on top of this way before the problems happen?

I assumed (incorrectly??) that by using a broker, not only did they try and find the best deal, but also they kept on top of the loan application to ensure all the necessary documents etc were forwarded and signed?

To see that the loan docs not signed, the guarantee not signed, and all this coming out the day before settlement just makes me wonder whether we expect too much from brokers or whether they should be on top of problems like this.

Would be good to hear from both brokers and borrowers who have used brokers about whether Iggy should have expected the Broker to have been aware and on top of things such as the documents being signed, or should you just expect the broker to find you the loan and then pretty much keep out the way???

Cheers,

Noddy
Click to expand...

Thanks Noddy! :)

Well to begin with, my broker is in Melbourne and I am in Sydney... makes things a little tricky. The other problem is that everything looked ABSOLUTELY fine until last thursday when NAB decided to go wacko. So it's a weird situation... my broker has done wonders for me. THere was a lot of stuff that was done behind the scenes so to speak, and I can honestly say I would not have 2 of the 3 properties that I currently have without her. And now while I am on holidays she's taking care of all my finances and looking for 3.25mil!

I expect a lot from her, and she always overdelivers ;)
 
Iggy, hope that you see life as an adventure and not a trial!

GeoffW: you wrote
"This is not something I got from a seminar person- but I have found my personal banker (I've known him for five years) very helpful. He's twisted over backwards to get a deal through which would not have otherwise succeeded.

It may make a difference that he's with a dedicated "Financial Services" branch- only dealing with investors. But, whatever, he's done the right thing for me for the last five loans."

We have a Choice package with NAB, deal with Financial Services, and have had a new 'Personal Relationship' manager every 12 months for the last 4 years! We are one of 700 'personal clients' of the manager...
Currently settling on a property, just when 'our' Man. went on holiday; had to deal with temp., who fortunately was very helpful and greatly deserves the box of choccies!
Terry
 
Terence,

It's unfortunate that some people have to go on holidays, sometimes at most inconvenient times.

In this last deal mentioned, it was my banker's turn for holidays, as well, at settlement time.

The banker's stand-in was also very competent, and dealt with all problems very professionally.

There was a question as to whether the account, under the family trust for the first time, came in under the fee exemption of the Professionals' Choice package. In this case, they ruled that it was, and that fees were not payable- but I gather that it is still a grey area.

Geoff
 
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