St. George suck - qn for the brokers

T

tubs

Hi

I have just taken a property to St. Georges.

Refinanced existing loan, now topping up with a secondary loan (portfolio).

But we can't do it unless my wife's name is on the title. Apparently the MI doesnt like it, but it sounds like BS to me.

Surely having one name on the title, and 2 applicants is so common that this is a joke.

Can anyone suggest a way around this?
 
Actually, I refinanced no long ago and they took my wife's name off a STG loan because her name was no longer on the property title.
It served no purpose being on the loan documents they told me.
Have you seen a Lending manager in one of their branches?
 
Signatory to the account will allow her to use the account but I dont think she can borrow under her name for tax purposes (check with accountant)

You could set up a seperate portfolio loan for her, and use your equity to be guarantor

You could limit LVR to 80% if LMI is the issue.

You could talk to someone higher up. STG is customer focused but some of their staff have very little going on behind those smiles.......especially when it comes to being outside the box. Same goes for alot of banks. You ask the ame question to 3 different tellers and they give you wildly different answers sometimes! :p
 
smells like lo doc to me ?

Some lenders living in 1900s still insist on this between married and defacto couples.

They dont understand that the non title borrower ( or borrower of convenience) has a derived benefit there and then, and even if the relationship busts up, the family court will make sure there is a a benefit

ta
rolf
 
Rolf Latham said:
smells like lo doc to me ?

Some lenders living in 1900s still insist on this between married and defacto couples.

They dont understand that the non title borrower ( or borrower of convenience) has a derived benefit there and then, and even if the relationship busts up, the family court will make sure there is a a benefit

ta
rolf
Click to expand...

Hey Rolf,

Its full doc, not no doc. There's plenty of room on the serviceability front. Might see if I can take her off the application all together.

Apparently they're OK with it if we move another place we have in my wife's name only across to them.

Do I smell X-Coll cooking?
 
No, it does go > 80%, which explains the MI. And they're quite adamant that the mortgage insurer is the problem, not them.
 
tubs said:
No, it does go > 80%, which explains the MI. And they're quite adamant that the mortgage insurer is the problem, not them.
Click to expand...
For over 80% borrowings the rules change.
How high is your LVR?
I believe Westpac will go up to 85% without LMI
 
Re: St George.

For what it is worth I find I get much better understanding talking to Customer Service in Sydney Head Office than I get at branch level in my home town.

MJK
 
Thanks for all the responses guys.

I've tried a few suggestions out on my MB, but the message I keep getting is that its the MI who insists on it, so I'm going to chat with my acct to work out the implications of changing names on the title.

Your help is, as always, very helpful and much appreciated.
 
Hiya Tubs

Below is the response from STG

Hi Rolf,

We have no problem lending when we are dealing with husband & wife, where husband is the only one on the title, but borrowers are in joint names. The only thing to be aware of is that LMI will be charged on the total loan amount since they were not charged LMI in the 1st place.

Regards,

John



Finalist MFAA 2008
ADI Lender Of The Year

Mortgage Central
Your Broker Support Centre
1300 137 532
http://www.stgeorge.com.au/brokers

St George - Good with people, Good with money


>>> "Rolf Latham" <[email protected]> 28/05/2008 2:22 pm >>>

HIya

I have an existing client with STG

They want to borrow to 90 % using portfolio for shares

Currently at 80 % LVR

Need both hubby and wife income on the loan to service

BUT only hubby on title

Its an investment property

Id assume we can do this ?

Ta
Rolf


Rolf Latham
ASAP Financial Services
Phone: 1800 08 20 80
Fax: 1800 19 20 41
www.asapfinancial.com.au
 
I'd say the person assessing the loan is a little inexperienced. They're probably reading strickly from a manual and not thinking it through properly. Your broker/banker should be able to get around this problem fairly easily.
 
With my refinance, my PPoR has the title in my name only, but the loan will be in joint names (the original loan was in my name only). The IP has both title and loan in joint names. Noone batted an eyelid at this situation, nor at the fact that every single asset listed was marked as belonging to "applicant one". I think my partner officially counts as a "kept man" :p
 
Hey Rolf

A BIG Thank You for doing that!

I let my broker know that STG DO support that type of loan and he's got back in touch with them and he's waiting for a reply.

It helps if you talk to different people!

I have done 95% with my name on the title and both on the loan before, so I know for sure its not a problem!

Anyway, again, thank you. Very much appreciated!

Hugh
 
It is interesting as you can tell the same story to different people and get different answers isnt it.
Hope you have a good win (its always good when you can prove a credit manager wrong but they dont forget you did either)

Do you think you should change the title of the thread or does st. g still suck? Might be a question of re-evaluation
 
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