Oops the rate just went up. That was one of the conditions!
Browse Forums Home Finance Re: sydney mortgage broker 21Jun 21, 2009 10:51 pm thlo From my experience, they honour pre approvals even when policy changes (I can't say the same for many other lenders) if your financial circumstances don't change and rates don't go up etc. Oops the rate just went up. That was one of the conditions! Re: Losing Out due to Bank Lending Policy Changes? 22Jun 22, 2009 8:46 am I think as my pre-approval was back before rates started dropping, I may have a buffer. Also, if CBA are putting rates up when the Reserve are going down, I'm hoping it means are being a little bit more 'risky' with their lending?!! Just a theory! Re: Losing Out due to Bank Lending Policy Changes? 23Jul 31, 2009 11:27 pm It looks like we now have several members who were affected. Re: Losing Out due to Bank Lending Policy Changes? 24Aug 02, 2009 8:58 am Paperwork now in - its time for the waiting game....will keep you posted! Re: Losing Out due to Bank Lending Policy Changes? 26Aug 12, 2009 6:48 pm Still waiting - thank you for asking. Rang the broker yesterday to get an update but still waiting on that too! After all my reservations I am feeling more positive, so hopefully my instincts ring true! Will let you know! Re: Losing Out due to Bank Lending Policy Changes? 28Aug 21, 2009 8:13 pm Hi thlo! Well it came to light that the brokers thought we needed to make a new application due to the time it had been since pre-approval. Despite telling them that we had 12 months on it, they submitted a new application (which we filled in) to be told by CBA that they no longer provide 95% loans. They have since discovered that we indeed still had a valid pre-approval and CBA have accepted to process the 95% application. Valuation hasn't been ordered yet, the broker said they would call once that had been done. I'm guessing CBA will under value by atleast 5% to recoup their policy - but we have to just hope they think we are worthy customers (haha!). Thanks again for asking...wish I had more to tell. Re: Losing Out due to Bank Lending Policy Changes? 29Aug 27, 2009 4:33 pm Elzbeth Hi thlo! Well it came to light that the brokers thought we needed to make a new application due to the time it had been since pre-approval. Despite telling them that we had 12 months on it, they submitted a new application (which we filled in) to be told by CBA that they no longer provide 95% loans. They have since discovered that we indeed still had a valid pre-approval and CBA have accepted to process the 95% application. Re: Losing Out due to Bank Lending Policy Changes? 30Aug 27, 2009 5:07 pm I though i saw on the CBA website that they still offer up to 95% for those with LMI (97% with LMI capitalised). 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Losing Out due to Bank Lending Policy Changes? 31Aug 27, 2009 10:08 pm aLLaNNa1 I though i saw on the CBA website that they still offer up to 95% for those with LMI (97% with LMI capitalised). They do but you need to be an existing loan or credit card customer to qualify for it - other wise they will only lend 90%. Re: Losing Out due to Bank Lending Policy Changes? 32Oct 05, 2009 12:40 pm Sharksta aLLaNNa1 I though i saw on the CBA website that they still offer up to 95% for those with LMI (97% with LMI capitalised). They do but you need to be an existing loan or credit card customer to qualify for it - other wise they will only lend 90%. Yes it's like most things. Technically it is possible, but whether you qualify for it is another issue. Re: Losing Out due to Bank Lending Policy Changes? 33Oct 05, 2009 1:07 pm Well, we are still waiting for mortgage documents, I'm not holding my breath as I have heard that things can go bad at the last minute. I'm due to start building by the end of Oct so I'm hoping things will start progressing any day now. Will let you know if we are still successful with our 95% borrow (we are existing 95% borrows for our land and just waiting for the construction side of things). Re: Losing Out due to Bank Lending Policy Changes? 34Oct 05, 2009 3:12 pm I could sort of say yes but also no to this one lol We started thinking bout the possibility of buying/building back in June. I knew that I was going to be getting a fair sum of money as an inheritance. So off I trot to my local W3stpac branch (whom Ive been banking with for about 10 years now), explain it all - "sorry we cant help you, put the money in an account for 3 months.. leave it there and then come and talk to us" Got the same response at CBA, and a number of other banks. So had a chat with our broker that handled the purchase of our business. No probs he says. He does the application.. and hey presto we have our money. I think it stinks that you get told one thing on the website and in the branch.. entirely a different story when going through a broker. I had great satisfaction the day I pulled the 40k out of my W3stpac account to transfer to CBA (who we ended up going with). They tried to tell me I should talk to their home loan manager "already did.. you didnt want my 65k" (deposit plus FHOG) stooges. Re: Losing Out due to Bank Lending Policy Changes? 35Oct 13, 2009 2:05 pm [JADED] I could sort of say yes but also no to this one lol I think it stinks that you get told one thing on the website and in the branch.. entirely a different story when going through a broker. It's good to see a mortgage broker was able to make sure you didn't lose out! Re: Losing Out due to Bank Lending Policy Changes? 36Oct 13, 2009 3:21 pm Well, the loan docs are here - we are on our way, but I'm not counting my chickens just yet!!! Re: Losing Out due to Bank Lending Policy Changes? 38Oct 30, 2009 10:26 pm Hi thlo! Well we seem home and hosed - we are just waiting for site start. I have to say though, until that first draw down has been made I'm not 100% confident! Thanks for asking. My personal opinion is that our small pocket of the world wasn't hit as hard by the GEC as others and thanks to some steady house sales over the last few months we got it through. Re: Losing Out due to Bank Lending Policy Changes? 39Oct 30, 2009 11:09 pm That's great to hear. You are right; there have been real steady house sales over the last few months in the sub $400,000 category. Need I say I predicted it in my posts earlier on? I engaged my builder in December last year and we’ve been working on preliminary drawings for last couple of months. I got a call from the salesperson this morning… 0 558 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11926 4 14297 |