No "maybe" about it.
will you be purchasing just in your name also? I ask as having the loan just in your name doesn't necessarily hide your wifes business dealings
Rejected Today :(
- Thread starter VBman
- Start date
No "maybe" about it.
will you be purchasing just in your name also? I ask as having the loan just in your name doesn't necessarily hide your wifes business dealings
The numbers don't seem to add up for a rejection? do you have kids?
I'm building a house and have been to 3 majors and they all did some quick numbers as I was after pre-approval's to make sure getting the loan wouldn't be a problem before I signed my contract.
Earn just a tad over 40k base salary, 2k credit card (always paid off), no debts, at the time I went it wasn't as tight for lending requirements but all 3 were happy to give me up to 250k loans (with either guarantor or LMI), i did have alittle more in savings, was on 10k at the time, but my loan is also a bit larger.
This was ANZ, CBA and St George, and ANZ I have had a followup with since they dropped their LVR % just to make sure the numbers still worked, and all was still well.
I'm building a house and have been to 3 majors and they all did some quick numbers as I was after pre-approval's to make sure getting the loan wouldn't be a problem before I signed my contract.
Earn just a tad over 40k base salary, 2k credit card (always paid off), no debts, at the time I went it wasn't as tight for lending requirements but all 3 were happy to give me up to 250k loans (with either guarantor or LMI), i did have alittle more in savings, was on 10k at the time, but my loan is also a bit larger.
This was ANZ, CBA and St George, and ANZ I have had a followup with since they dropped their LVR % just to make sure the numbers still worked, and all was still well.
This is the first i have heard of such!
is this true fact, or just some office story?
others could help out in this !
It's true. All credit applications are recorded. And it is used in credit assessment processes. Make sense don't you think?
The income and target loan valuue were not the issue the issue was that i had no savings history, CBA said no on these grounds, and i rang 2 brokers and told them CBA had rejected me on these grounds and they basically said "Yes unfortunately all of my lenders are requiring at least 3 months savings history".
Its ok im just gonna save for 3 months, go in with 10k, maybe values will be lower by then anyway with the FHOG Gone (if it goes).
As someone said in another thread, if the banks dont think im ready, maybe i'm not.
Its ok im just gonna save for 3 months, go in with 10k, maybe values will be lower by then anyway with the FHOG Gone (if it goes).
As someone said in another thread, if the banks dont think im ready, maybe i'm not.
VB Man
Not sure how we can make this clearer Not all lenders require GS.
Just because one Bank or Broker tells you so then it doesnt make it true.
One non bank lender has a particular product based solely at FHB on the basis they DO NOT require GS as long as income and all other credit aspects are ok.
Steve (Bradsdad) is in your area why not give him a yell and see what he can do for you.
Not sure how we can make this clearer Not all lenders require GS.
Just because one Bank or Broker tells you so then it doesnt make it true.
One non bank lender has a particular product based solely at FHB on the basis they DO NOT require GS as long as income and all other credit aspects are ok.
Steve (Bradsdad) is in your area why not give him a yell and see what he can do for you.
Yes, Hoffy's right, all credit applications go on your credit file, and it can damage how you "appear" to a lender. Be up-front with the lender and it's usually OK. Tell them "I applied for A, B, and C, decided to go with A for $5K, didn't proceed with B and C", or whatever the situation is. Whatever you do, don't lie, or "forget" to tell them about your latest credit card. This can be enormously damaging to how the lender perceives you.
I recently found that a short-term debt from several years ago - cleared within 6 months of taking it out - was still listed as a current debt on our credit file.
I've had that fixed, and now subscribed to be alerted whenever there are changes to our credit files. It's really important for investors to stay on top of what's on their credit files.
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I'm actually closer to you at present Richard. I'm sunning myself on the gold Coast
. I however am from Melbourne and will be returning to clouds, rain, snow, hail, winds and a litte sun (all in the one day) tomorrow.Still happy to help out but VB maybe on the right track with the waiting game although I'm to too sure if the sub $200k market will be affected greatly once the BOOST has finished.
Regards
Steve
ok, well if your young then you should be happy that you appreciate the property business and you have plenty of time. I'm in my 40's and only just purshased my first NO FRILLs home and I'm really happy and I have big plans yet. So get stuck into some hard work for 6 months and save like crazy and before you know it your have your own home and by the time your my age you might have 50 homes and had retired 10 years before hand.
and I'm really happy and I have big plans yet. So get stuck into some hard work for 6 months and save like crazy and before you know it your have your own home and by the time your my age you might have 50 homes and had retired 10 years before hand. 
None of the majors would poke us with a stick. We went non-conforming, paid 2% above the then going rate and hated the broker, but looking back, it was all worth it...
PM me if you'd like me to ask my CURRENT broker, he is a magician of sorts...
PM me if you'd like me to ask my CURRENT broker, he is a magician of sorts...
