Got a question for the more experienced brokers/bankers out there.
I've had a loan with Adelaide Bank for nearly 6 years + now. Last year I took a 3 month mortgage holiday while I found a new job after being made redundant, which I did. It was extended one month to allow for the first pay period, at which time repayments began again.
I was provided verbal advice via Adelaide Bank that during that mortgage holiday I had enough headroom in my loans to absorb any arrears/repayments/ as it was primarily an interest based product. I was advised at that time that once I began making repayments again i should be 'fine'.
Fast foward to now. I am trying to sell my current home, use the funds raised to use as a deposit on a new one so I can take custody of my daughter. Went via my broker, who advised the funder (Resimax) were fine, waiting on Genworth LMI. Genworth come back and tel me my account is an arrears, and because I had a mortgage holiday, they wouldn't approve the loan, blaming their Underwriters or some thing like that. I would have a 15% deposit plus expenses covered totally. I go back to Adelaide Bank who are now saying 'oh we never said that' etc etc. I also asked them to speak to Genworth to find out what my options are. Again, verbally I was told that someone at Genworth had said 'tell him he can try and sell his place first then reapply'. I go back and say well I want someone to tell me definitely that I will get funding (and isn't that what I was trying to do anyway with the conditional contracts in the first place??!!), because I dont' want to sell, then find out after the fact genworth would make me wait 6-12 months before they'd consider lending again and be without somewhere to live. I go back to Adelaide Bank to ask them to clarify this, they come back again and say "oh thats not what we said". I go through my broker to Genworth who say "oh 12 months and we might consider it".
WTF!??
I was given incorrect information by Adelaide Bank verbally on more than one occassion, and have subsequently asked for copies and transcripts of all phone coversations because I know what I was told. They're taking their sweet time letting me know if and or when this will occur. My following their verbal advice and doing what was asked, has clearly had a negative impact on my ability to obtain finance for a home, despite earning over $100K a year, and will have 15% deposit plus costs clear for a new property of about $550K, if I sell my property, and despite people in their office telling me the opposite.
In addition, now the fact that Genworth declined finance is on the CRAA report and will be questioned by every lender for the next 5-7 years.
My question is this - what the hell can I do now?? Adelaide Bank gave me the wrong information in my phone conversations with them (hopefully recorded in their 'customer service logs'), I followed their advice, and am now unable to get finance for what I need, and no I can't get the full 20% deposit and negate LMI in time. I have to take custody of my daughter within 4 months max as my ex is terminally ill. I need to get into a larger home to facilitate that.
Any advice anyone could provide at this stage will be very much appreciated..
I've had a loan with Adelaide Bank for nearly 6 years + now. Last year I took a 3 month mortgage holiday while I found a new job after being made redundant, which I did. It was extended one month to allow for the first pay period, at which time repayments began again.
I was provided verbal advice via Adelaide Bank that during that mortgage holiday I had enough headroom in my loans to absorb any arrears/repayments/ as it was primarily an interest based product. I was advised at that time that once I began making repayments again i should be 'fine'.
Fast foward to now. I am trying to sell my current home, use the funds raised to use as a deposit on a new one so I can take custody of my daughter. Went via my broker, who advised the funder (Resimax) were fine, waiting on Genworth LMI. Genworth come back and tel me my account is an arrears, and because I had a mortgage holiday, they wouldn't approve the loan, blaming their Underwriters or some thing like that. I would have a 15% deposit plus expenses covered totally. I go back to Adelaide Bank who are now saying 'oh we never said that' etc etc. I also asked them to speak to Genworth to find out what my options are. Again, verbally I was told that someone at Genworth had said 'tell him he can try and sell his place first then reapply'. I go back and say well I want someone to tell me definitely that I will get funding (and isn't that what I was trying to do anyway with the conditional contracts in the first place??!!), because I dont' want to sell, then find out after the fact genworth would make me wait 6-12 months before they'd consider lending again and be without somewhere to live. I go back to Adelaide Bank to ask them to clarify this, they come back again and say "oh thats not what we said". I go through my broker to Genworth who say "oh 12 months and we might consider it".
WTF!??
I was given incorrect information by Adelaide Bank verbally on more than one occassion, and have subsequently asked for copies and transcripts of all phone coversations because I know what I was told. They're taking their sweet time letting me know if and or when this will occur. My following their verbal advice and doing what was asked, has clearly had a negative impact on my ability to obtain finance for a home, despite earning over $100K a year, and will have 15% deposit plus costs clear for a new property of about $550K, if I sell my property, and despite people in their office telling me the opposite.
In addition, now the fact that Genworth declined finance is on the CRAA report and will be questioned by every lender for the next 5-7 years.
My question is this - what the hell can I do now?? Adelaide Bank gave me the wrong information in my phone conversations with them (hopefully recorded in their 'customer service logs'), I followed their advice, and am now unable to get finance for what I need, and no I can't get the full 20% deposit and negate LMI in time. I have to take custody of my daughter within 4 months max as my ex is terminally ill. I need to get into a larger home to facilitate that.
Any advice anyone could provide at this stage will be very much appreciated..