Rejected Today :(

V

VBman

Went and saw the manager at my local CBA branch today.
He basically said i can borrow 180 (which is about what i am looking at) with no problems, so im thinking ok cool!.
Then he spins the 3 Months Genuine savings angle.. Well like most youth i have no savings, But i have a long history of personal loans (Which i always paid way before the term). And rent, didnt seem to care about that. I had just came up with 6k out of nowhere (Sold a few things). But lump sums out of no-where are worthless he said i have to prove i saved it.

Well Damn :(
 
Sorry to hear that VBman

cba and fhb's - tough play if you dont have a deposit or guarantor - or should I say near impossible. Reality is Cba has little competitive edge IMO outside of their magic wand LMI deal
 
VBman said:
Well like most youth i have no savings, But i have a long history of personal loans (Which i always paid way before the term).
Click to expand...

a long history of personal loans says more about your spending habits than your savings habits, Doesn't it?

Don't feel too bad. I needed 20% "savings" to buy my house. Frankly, the only way you could raise a deposit then was by saving it. This is not "tough", it is merely reverting to "normal".
 
VBman,
Think lateraly. Do you have life insurance or some other account you regularly deposit into.
Same as you, when I bought my 1st property bank wanted to see a savings history. Rent payments don't cut it. I produced records of a life insurance policy I had which satisfied the bank. Prompty closed the policy to obtain funds for deposit. Got me into the market.

Project 1080.

The project: 10 IPs in 80 mths.
 
REjected AND SO?

rejected well thats sad , but what are you going to do about it?

why is it so?
why is it people visit 20 stoors to get the right lounge?
Why is it that we test drive 30 cars b4 we negotiate and buy?
Why is it we try differant restaurants each time we go out?

And why do people give up after 1 or 2 bank approvals fall through?? and put it in the too hard basket.

VB rejection on a loan is apart of the process, get used to it ! but don't give up. it gets easier from here as you have all the documents you need hot and rearing to go.
I have had to cover 10 financial institutions in one day, this is the hardest part of the ride, don't get off now!;)
 
Do a Horizon Credit Union Application. at Nowra.

They financed my second property in the Illawarra in 1979. (As Illawarra County Council Credit Union)

See how You go :eek:

Good Luck.

If Not. DO NOT give Up.
 
Many different ways to skin a cat. i wouldnt get disheartend.

Michael jordan could have easily got the *****s and taken his ball home when he got some cuts in training but he didnt he stuck at his game. anything is possible.

chin up soilder.
 
As Rolf states, there are still other options for you at the present time but you will have to get in quick.. otherwise, you should be happy, just 3 months to go!
 
craigb said:
And why do people give up after 1 or 2 bank approvals fall through?? and put it in the too hard basket.
Click to expand...

Isn't it usually because every failed application gets recorded against your credit file, and too many rejections will be noted when applying for new loans?

My old boss had questions raised when he was asking for a 700k housing loan on a 350k income. Why? Because when he first moved to Australia, he applied for 4 credit cards with no proof of income - just a measly million or so he used to set up the business.
 
Sunder said:
Isn't it usually because every failed application gets recorded against your credit file, and too many rejections will be noted when applying for new loans?
Click to expand...

Why would this happen?, youv'e done nothing wrong in failing an application, why should you be punished for ascertaining whether you can borrow or not?
 
Tried 2 brokers today and got the same story.

Think i'll just save hard for 3 months then re-apply. Might be for the best, will get to see what happens with the FHOG and the aftermath.
Kinda sux tho cos a lot of people i know, who are much bigger losers than me, have got loans, one couple i know are on the dole and got a house even..
 
I am not being funny VBman but what is the issue.

From your previous post the issue appears to be with the non genuine savings. There are a few lenders out there that dont have this as a requirement so i am suprised your broker (s) did recommend such lenders.

Of course if it is another issue then i may be off the mark.

Hard to provide advice when you only half the facts.
 
CBA rejected first then the two brokers said basically the same thing, no GS = no chance.

Im FHB on $40k p/a, want to borrow $160-190k, no debts, 1 credit card with 1k limit, nothing owing. 6k in cash with no history of where it came from. Married but want to apply solo since her financial situation is very messy she is self employed with debts owing on the business purchase.

Thats pretty much all i told the CBA guy, for him to say no.

EDIT: The brokers didnt offer anything they said they have nothing available without the 3 month GS requirement.

Maybe ive been to 2 bad brokers?
 
Last edited:
Sunder said:
Isn't it usually because every failed application gets recorded against your credit file, and too many rejections will be noted when applying for new loans?

My old boss had questions raised when he was asking for a 700k housing loan on a 350k income. Why? Because when he first moved to Australia, he applied for 4 credit cards with no proof of income - just a measly million or so he used to set up the business.
Click to expand...

This is the first i have heard of such!
is this true fact, or just some office story?
others could help out in this !:rolleyes:
 
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