"No Valuation will be required." Does this mean...?

This thread really was like a train wreck. Tried to look away, but just couldn't.

If you read any of my other threads you'd realise I have a winning formula of: catchy provocative title that makes the average forum user click on it, only to be hit by ridiculous yet need to be answered questions = win.

I didn't end up buying the house so $400 down the drain on b&p reports

Also solicitor said they will charge me for messing around.

I did however buy a 760k property instead... Both vendor and I have signed just waiting for b&p and bank to approve.

Since I was already at my Maxxx lending amount before I have to do cross col and what ever else the bank wants inorder to get the moneys...

I don't think any other lender will lend me the coin.

Also this time bank wants a valuation... I hope I won't have to pay for this...
 
I cant help not answering.

cross col has not impact on borrowing capacity, no matter what your friendly bank manager says.

Your bank, CBA, does not have the best affordability calculator currently, so there are other lenders that will lend you that amount.
 
I cant help not answering.

cross col has not impact on borrowing capacity, no matter what your friendly bank manager says.

Your bank, CBA, does not have the best affordability calculator currently, so there are other lenders that will lend you that amount.

No they won't... I applied for a loan / refinance a while back with state custodian or something look like a trojan guys head black and red company logo they won't even lend me 500k.

They are too scared.

Also they all of them do a credit check and I heard that's not good coz they log all those so then later when you do a application they will see all these credit checks and think this guy is dodger..
 
No they won't... I applied for a loan / refinance a while back with state custodian or something look like a trojan guys head black and red company logo they won't even lend me 500k.

They are too scared.

Also they all of them do a credit check and I heard that's not good coz they log all those so then later when you do a application they will see all these credit checks and think this guy is dodger..

You keep thinking that. What would I know? All the best with your wealth creation, be sure to let us know next time you would like some advice to ignore and Ill be sure to jump straight in.
 
Omg

Seriously - I probably know less about all this and don't even have my first IP yet - why on earth would you not be taking any of this relevant advice and information on board??

AND -

THANK YOU for such a diverse range of unbelievable comments because the responses from the experienced has been invaluable for me as I think a second broker was steering me down this path too.

Thanks everyone - I'd be glad to sit and listen to you for hours in the hope of learning from you.

:D
 
No they won't... I applied for a loan / refinance a while back with state custodian or something look like a trojan guys head black and red company logo they won't even lend me 500k.

State custodian is a lender, not a broker. My understanding is they're quite conservative compared to most lenders.

Also they all of them do a credit check and I heard that's not good coz they log all those so then later when you do a application they will see all these credit checks and think this guy is dodger..

That's true, which is why you shouldn't shop around yourself and instead get decent advice from a broker.

I've been reluctant to comment on this thread because you've already had some excellent advice from the other brokers yet you're turning your finances into a train wreck. You've used the right language in your posts but from this post and others, it's very clear that your understanding of finance is very basic at best. Here's a few facts.

1. Cross collateralisation does not improve your servicability, nor does it get you better rates. It benefits the bank massively and there's only a handful of circumstances where it's to the borrowers advantage.

2. The CBA is a long way from the most generous lender for property investment. They certainly have their place, there are plenty of lenders who would be able to futher your investing.

3. If you have any desire to purchase more property in the forseable future, your existing loan structure is probably going to need to be completely refinance to other lenders to accomidate it. You're maxed out with the CBA, but you've structured the loans in such a way that you don't have any ability to get finance with another lender if you want to access any equity you've got (either now or in the future).

4. Your mobile banker is clearly giving you bad advice. The most likely reason why a broker becomes a mobile banker is because they weren't very good at being a broker.
 
This thread:

It's like watching really smart people, continuously hit their head against a brick wall. It makes you wonder why.

I'd say stop, but it is incredibly amusing.

(FYI, genuinly great advice guys, actually cleared a few things up for me I had mixed around, pity about the end result).
 
Can someone tell me where i find an icon with someone holding their belly in fits of laughter.

fullylucky, can I just point out "luck" has got nothing to do with this mess. you have been given great advice by loads of people, but i'm sure they were all conspiring against you to get their exorberant commision. I'll just highlight this as sarcasm in case you missed.

No to point out some fact yes a lender will do a credit check on you, you know what even CBA will do this. If you can find a lender that doesn't do a check on you and just takes you on your word please let me know, i know of a few client who need a lender like this.

As for your servicability don't worry you CBA is the best on earth for servicability, not. there are lenders who would lend you more money than CBA.

You did say you wouldn't want to buy another property though so wondering where today's post comes from. Oh does that mean your plans changed. Think a lot of people tried to tell you that does happen every once in a while.

Quite honestly i don't know why you waste your time on this forum. But please continue to put post up every time your ignrance bit your in the A*** as i'm sure every person that tried to give you great advice gets great satisfaction and hold their belly in fits of laughter everytime they see you dig yourself further and further in the poo.
 
Q: Dear Sir, can you pls tell me what colour the sky is? The guy at the bank has said it is green.
A: Looks blue to me

Q: Dear Sir, can you pls tell me what colour the sky is? The guy at the bank has said it is green.
A: Looks blue to me

Q: Dear Sir, can you pls tell me what colour the sky is? The guy at the bank has said it is green.
A: Looks blue to me

Q: Dear Sir, can you pls tell me what colour the sky is? The guy at the bank has said it is green.
A: Looks blue to me

Q: Dear Sir, can you pls tell me what colour the sky is? The guy at the bank has said it is green.
A: Looks blue to me



Thanks for all your help, green it is.
 
No to point out some fact yes a lender will do a credit check on you, you know what even CBA will do this. If you can find a lender that doesn't do a check on you and just takes you on your word please let me know, i know of a few client who need a lender like this.

As for your servicability don't worry you CBA is the best on earth for servicability, not. there are lenders who would lend you more money than CBA.

You did say you wouldn't want to buy another property though so wondering where today's post comes from. Oh does that mean your plans changed. Think a lot of people tried to tell you that does happen every once in a while.

I don't think CBA does a credit check since I have been with them for life. They can see all my details and what i spend my money on and what day and time of the week i put pizza...

other lenders would lend me the money but not at the rate cba is offering... also cba is going to reduce my current homeloan interest rate.

i'm happy with cba's serice and IT systems... i think the rate they are offering is fine.

i am not going to buy another house. i don't know where you are getting the idea i am getting more houses. i've got my current house and i'm getting this IP. nothing else in the foreseeable future.

yes, thank you everyone for the great advice. and explaining everything. settlement is 45 days. so i still have time to ask CBA to not cross col.

it's not like i'm asking for info and then not reading the posts. i read all posts but i consider to accept or look at all my options. the only thing i have done AGAINST the advice from people on the thread is not use a broker and not cross col.
 
I don't think CBA does a credit check since I have been with them for life. They can see all my details and what i spend my money on and what day and time of the week i put pizza...

I know that sounds really cool.............but its interesting here that we use EXACTLY this counter for using the one lender, and then you drive it all the way home and park it in the garage and polish it with a great convenience food metaphor.

I have to say you arent alone, even smart ( in their domain, but blindsided to reality) business people dont get the concentration and disclosure risk until it hits them over the head with a judgement.

BTW, im just talking to myself and the occasional poster that might come across this time capsule.

ta
rolf
 
( actually cleared a few things up for me I had mixed around, pity about the end result).

and in reality, thats why most of us persist.

Those that can listen to reason and work with it will, and those that choose not to, dont, thats all good.

Darwin will soon sort it out.


ta
rolf
 
I know that sounds really cool.............but its interesting here that we use EXACTLY this counter for using the one lender, and then you drive it all the way home and park it in the garage and polish it with a great convenience food metaphor.

Well said rolf I couldn't agree more with this. Maybe the day will come when the other banks follow CBA's example and ask for all transaction statements from now on? Then lending will come crashing to a halt, that's for sure.
 
I don't think CBA does a credit check since I have been with them for life. They can see all my details and what i spend my money on and what day and time of the week i put pizza...

other lenders would lend me the money but not at the rate cba is offering... also cba is going to reduce my current homeloan interest rate.

i'm happy with cba's serice and IT systems... i think the rate they are offering is fine.

CBA always does a credit check. It is part of their modus operandi. In fact, they would probably be in breach of their responsible lending obligations if they didn't do a check on you as they would have no idea about your credit worthiness.

You obviously have the rate blinkers on, 5.4% is no big deal, really. If you want a better rate just to to UBank since your LVR is low anyway. 5.19% or whatever it is, unbeatable for variable. I think CBA's netbank system is great as well but if you value rate then UBank.
 
It will be fully funny in a years time when fully lucky asks for advice on:

Help my tenants haven't paid rent for 12 weeks but my bank manager said not to worry about it - you can negative gear it.

A kid tripped and ended up head first in the empty shell of a pool with no fence. Do you think I could be responsible?

Little Beatrice slipped on the pool of water in the bathroom and sued.

If I was litigious, I'd be lining up for your place.

You do have insurance?
 
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