I exchanged contract for a house on October 21, 2013.
The agreed settlement date is December 2, 2013.
Since the property is sold by NSW Trustee and Guardian, there is no cooling off period and I put down 10% deposit (around $35,000).
The dealing with ubank has been good at the beginning.
I passed serviceability test, got all the documents required for their online "tracker" facility.
After all the required documents have been received by ubank, they did a valuation on the property this Monday.
The valuation came back good. It matches the purchase price.
I have been busy finding potential tenant over past 2 weeks.
I accepted one of the tenant's application and he gave me 1 week rent today as a security.
I then logged into ubank's tracker facility to see the progress and found that the loan has "disappeared".
I rang ubank up and I was told that the property has a granny flat which is against their lending policy.
I argued that it is not a granny flat but a teenager retreat.
They said it does not matter. As long as it is a detached house and it is tenant-able then they will not lend you the money.
Even if it is just a game room, pool shed, workshop, rumpus room, bar room, etc.
This is a lesson well learnt....
level 1: look at just rate
level 2: look beyond rate and look at features (redraw, offset, etc)
level 3: look beyond rate/features and look at policies
Now I need to come up with 300k to settle in 3 weeks time.
I am not sure if any lender can settle a loan that quick.
The agreed settlement date is December 2, 2013.
Since the property is sold by NSW Trustee and Guardian, there is no cooling off period and I put down 10% deposit (around $35,000).
The dealing with ubank has been good at the beginning.
I passed serviceability test, got all the documents required for their online "tracker" facility.
After all the required documents have been received by ubank, they did a valuation on the property this Monday.
The valuation came back good. It matches the purchase price.
I have been busy finding potential tenant over past 2 weeks.
I accepted one of the tenant's application and he gave me 1 week rent today as a security.
I then logged into ubank's tracker facility to see the progress and found that the loan has "disappeared".
I rang ubank up and I was told that the property has a granny flat which is against their lending policy.
I argued that it is not a granny flat but a teenager retreat.
They said it does not matter. As long as it is a detached house and it is tenant-able then they will not lend you the money.
Even if it is just a game room, pool shed, workshop, rumpus room, bar room, etc.
This is a lesson well learnt....
level 1: look at just rate
level 2: look beyond rate and look at features (redraw, offset, etc)
level 3: look beyond rate/features and look at policies
Now I need to come up with 300k to settle in 3 weeks time.
I am not sure if any lender can settle a loan that quick.