Which Bank...

Hi All,

Long time no speak......:eek:

Off to the *which* bank tommorrow to try my luck for the next one. (my first Perth IP...:eek:)

Hopefully I'm not back in here tommorow whining like a lot of these other threads.

Although the initial conversation today wasn't that thrilling.....if the loans officer is as brain dead as the first person I spoke with....well then I'm up the creek without the paddle already.

ciao

Nor
 
Eventful afternoon at the *which* bank........

Apparently,if I stump up 10% + costs (5%) I can get

LVR 90%

No LMI (10% of the value is set against one of my existing fully owned properties that already is collatoral for my 2 Loc's.No need need for valuation either as all up the land value is not even exceeded)

Self employed contractor....no dramas.......no low doc, no full doc either....some sort of special customer relationship......:eek:

Standard Variable base less discount (4.94%)

I now believe that there is an equity fairy at the bottom of the garden


Anyhow.....called the agent.....made a verbal offer......He agreed to take it to the vendor.........

Lets hope it all floats.......

Giddy up number 6


ciao

Nor
 
Because you other property is fully owned the loan isn't at 90% LVR.
They will look at the total LVR of the collateral they have from you.

And yes it seems banks may be finally reasoning that existing long term customers may actually be worth something.
Till the next bout of bright upstart freshly graduated executives comes along anyway.
 
Do a search on cross collaterlisation, because that's what they're proposing. I don't imagine there's any need to cross-col or pay LMI if your loans are properly structured based on what you've already discussed.
 
Good to see that the retail "nudge nudge wink wink" is still around.

At some point logic does prevail and someone thats been a long suffering client is obviously a better risk than a walk in.

ta
rolf
 
Thanks for the replies guys.

Kim, I'll keep mum for now 'cause it's not even signed yet.

Must admit I was very surprised though re the bank. The person I was discussing this all with was one of their mobile people......who just happened to be filling in for someone that day. Also interesting that she happens to have a barrow load of property herself.....so the conversation quickly turned all sorts of property related guff...........:cool:

The X- coll I'm not fussed about as it only affects two out of a possible six

Not quite sure that I'm that *special* but we'll no doubt see how it pans out once the backroom boys get their grubby little mits on it.

Anyhow.....so far so good.

ciao

Nor
 
Update........

Hmm........Ok.......Sold!!

Offer accepted by vendor after some argy bargy and a sweetener.....:eek:

Deposit now transferred.

Let's see how the bank goes.

ciao

Nor
 
Hmm........Ok.......Sold!!

Offer accepted by vendor after some argy bargy and a sweetener.....:eek:

Deposit now transferred.

Let's see how the bank goes.

ciao

Nor

Congratulations Norwester,

Let us know how you go with the bank.

Regards Jason.
 
Good question..............:)

What exactly constitutes a barrow load nowadays ??

I do know the exact answer to that, however in the interest of this persons privacy all I can really say is more than a bucketful, and less than a trailerload..........:confused:

Ciao

Nor
 
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