Westpac
- Thread starter smiffy
- Start date
Hi Smiffy
Thats a hard one to answer as we really have very little information.
When you say a month to month contract I assume that your husband is self employed but contracts to a particular organisation on an ongoing basis.
Several lenders may accept this but depends on the overall loan to value.
I certainly wouldnt say that Westpac criteria is more leniant but as mentioned it all depends on the overall deal.
Thats a hard one to answer as we really have very little information.
When you say a month to month contract I assume that your husband is self employed but contracts to a particular organisation on an ongoing basis.
Several lenders may accept this but depends on the overall loan to value.
I certainly wouldnt say that Westpac criteria is more leniant but as mentioned it all depends on the overall deal.
You really need to have a chat to someone as there are many things that need to be taken into account such as the following.....
LVR
Security offered (type)
Continuity of contracts i.e hours per month and/or varying companies
tax returns available
Serviceability
Credit history
From the above post it would seem strange for ANZ to knock it back but there's not a lot to go with.
Regards
Steve
Aren't "permanent" positions really week-to-week contracts? 
It's illogical for lenders to place so much store in the label attached to an employment status, instead of considering the security of an ongoing income stream.
Some lenders will be more flexible about it. Hubby has been a contractor until just recently, but having had continuous contracts for more than 20 years in a single industry, and having multiple contracts in a row where he even occupied the same desk, several lenders were quite happy to treat that the same as full-time employment.
As Steve (Bradsdad) has said, you need to "paint a picture" for them. "Yes, he's a contractor, but it's been renewed each time for the past 4 years, he's a key team member on the organisation's highest priority task, and the task runs another 10 years" sounds a lot better than "He's on a month-to-month contract, has just about finished his current task, and has no idea what he's doing next". There are contractors, and there are contractors... you have to make it clear that the income stream is stable.
It's illogical for lenders to place so much store in the label attached to an employment status, instead of considering the security of an ongoing income stream.Some lenders will be more flexible about it. Hubby has been a contractor until just recently, but having had continuous contracts for more than 20 years in a single industry, and having multiple contracts in a row where he even occupied the same desk
, several lenders were quite happy to treat that the same as full-time employment. As Steve (Bradsdad) has said, you need to "paint a picture" for them. "Yes, he's a contractor, but it's been renewed each time for the past 4 years, he's a key team member on the organisation's highest priority task, and the task runs another 10 years" sounds a lot better than "He's on a month-to-month contract, has just about finished his current task, and has no idea what he's doing next".
There are contractors, and there are contractors... you have to make it clear that the income stream is stable.
Last edited:
logic ...........................lenders
Oxymoron ...............often
ta
rolf
Oxymoron ...............often
ta
rolf
Unkind
Besides - and as everyone should remind themselves from time to time - there is no obligation for anyone to lend you money unless they are confident you will pay it back.
It doesn't matter if you are confident you will pay it back.
It's not your money.
No, but neither is it the credit weenies' money, despite the fact that they not-infrequently wield their "power" in a condescending manner as though it's their own hard-earned.
Entering into a contract to provide a loan is something the lender does as a business decision, because they think they'll make a profit from the deal. Thus it'd be nice if - from time to time
- they remembered that loan applicants are customers who are the source of the lenders' profit; not supplicants.
Have you ever met these credit squirrels ozperp ?? They are not exactly normal folk. TF's avatar would be representative of one of the better ones....
Quick profile for you....
Male....40 - 45 yo....married with 1 kid....earns 85K p.a.....lives in modest PPoR worth 600K with a 250K mortgage....no shares....no other property....no other debt....drives a large 3 yo Ford Falcon for safety reasons.
These are the squirrels assessing your MM deals and ultimately dictate whether you get the loan. Scary stuff indeed. No wonder Bank's management and bank staff and brokers keep investors away from the decision makers, they'd be mortified if they knew.
I've only ever met 3 in my life, all were the same, and after 5 minutes, my Banker quickly separated us. They don't let them out of their cage too often.
it is if it's your sole (>75%) source of income and is renewed month to month.
For your continued good health, Dazz ..... or that of the credit squirrels???
Cheers
LynnH
Hmmm....squirells eh.....I think you mean "monkeys".....I have met plenty of them....and yes they do fit the profile you have given.
As a result I have a preference for 25 years plus females in the banking industry who started in the credit department and have worked in customer service roles prior to becoming branch managers or lenders. They tend to run rings around these "monkeys".
I am fortunate enough to have these people...both at the Adeliade Bank and CBA.....they even can get me loan documents in less than 2 weeks, don't require me to provide the same details over and over again, and can understand cash flow!
So far so good......
As a result I have a preference for 25 years plus females in the banking industry who started in the credit department and have worked in customer service roles prior to becoming branch managers or lenders. They tend to run rings around these "monkeys".
I am fortunate enough to have these people...both at the Adeliade Bank and CBA.....they even can get me loan documents in less than 2 weeks, don't require me to provide the same details over and over again, and can understand cash flow!
So far so good......
Where are these miraculous beings? Don't let them retire/move department!As a result I have a preference for 25 years plus females in the banking industry who started in the credit department and have worked in customer service roles prior to becoming branch managers or lenders. They tend to run rings around these "monkeys".
I am fortunate enough to have these people...both at the Adeliade Bank and CBA.....they even can get me loan documents in less than 2 weeks, don't require me to provide the same details over and over again, and can understand cash flow!
They exist....believe it or not....I hang onto them.
One of them I have dealt with is 26...she does not have a degree but I suspect they are promoting thorugh the ranks quickly. She might be the youngest GM in Retail Baning at CBA shortly!
Luckily I have found another one...who seems also to be switched on...not as sharp as the first but still sharper than the 35-50 year old males....who still seem to think that they are doing you a favour!
One of them I have dealt with is 26...she does not have a degree but I suspect they are promoting thorugh the ranks quickly. She might be the youngest GM in Retail Baning at CBA shortly!
Luckily I have found another one...who seems also to be switched on...not as sharp as the first but still sharper than the 35-50 year old males....who still seem to think that they are doing you a favour!
That actually sounds fairly "normal" to me. Have you ever considered that you are in fact, not the norm, and these people are? Statistically and financially speaking of course.
I worked with a lot of bankers for 20 years. They are all pretty normal, with quite a number who are pretty switched on and some of whom had pretty impressive investment portfolios. Perhaps that is because I worked in corporate banking, so it was the "cream of the crop" and they were dealing every day with highly successful (and some highly unsuccessful
) people and companies with lots of zeros in the figures, as opposed to the "normal" loans at branch level?I would think many of this forum are quite different from "normal" folk living next door.
Similar threads
