Browse Forums Home Finance 1 Apr 09, 2010 3:28 pm Argh, so stressed at the moment. We have our land loan in place, with NAB. We have signed our house contract and have since applied for the build loan. Since applying for the land loan my husbands pay is still the same, but the company has been experiencing cash flow issues for the past 4 months (tail end of GFC, no business during GFC so drained cash resources, business now picked up, but cash flow reliant on customers paying in a timely manner), so even though they're still getting paid each month, it's usually in 2-3 installments over the month, rather than once at the start of the month. We have been upfront about this when applying for the build loan, and have shown the last 'full' pay to go in, as well as every pay slip since then to show that each month he gets the full wage, but it just doesn't get deposited in one hit. I have just spoken to the person doing our loan application as she had some queries as to what was going on (fair enough) and I didn't like her 'non-commital' tone when saying she 'understood' the situation... I have a feeling that we are going to get knocked back for this loan. Grrrr...I work for NAB, so to avoid LMI we only need 10% deposit, we have 15%, plus additional funds in the bank to finish off the property, we manage our money very well BUT at the end of the day, if the bank thinks my husbands pay is in jepoardy do you think they would simply not approve the loan??? Thanks for listening to the rant... We have a house in Doreen. Built the PD Kensington 24 (with Alfresco & Rumpus option). We are in...Decorating in progress...pics to come soon... Re: Will we get approved...or not... 2Apr 09, 2010 6:36 pm Hi Thatgirlcal. Totallllyy understand your stress. Each situation is different. We recently went through the whole process of the land loan. And thank god it was approved. our situation was a bit different but kind of similar bottom line it related to "income-ongoing income" First of all I don't think your loan will NOT BE APPROVED The length of employment is important so im presuming his been their for quiet some time. The fact that his pay is probably not in sync every month because of short commings due to the gfc wouldn't be a major deterrent for the loan application. Considering also you are not getting LMI the credit approval process perhaps will not be that stringent then if you where. If you don't want to worry about the if's and but's. Best thing would be to do is tell your hubby to get a letter on company letter head from the payroll department about his monthly salary and ytd income. That will support his employment situation.. if you have already done this then its fine.. normal bank procedures would be to question and understand ur sitatuion but i agree the tone of some can be annoying.. happened to us but then u may speak to someone if u call the loan centre and they tend to be more "in the customers shoe" but then again that depends on who you speak too... but generally in this situation i think u have a good chance to get ur loan approved. http://dreamzattheponds.blogspot.com To be invited to our blog send a PM with your email. Settled on land 25th June Exchanged contracts on Land April 14th 2010 Building our First Home Re: Will we get approved...or not... 3Apr 10, 2010 10:26 pm Thanks so much for the reply... And great news... The loan has been approved WOOHOO Very Very Happy...As if I have my way, we will not be going for another loan for a very very long time We have a house in Doreen. Built the PD Kensington 24 (with Alfresco & Rumpus option). We are in...Decorating in progress...pics to come soon... Re: Will we get approved...or not... 4Apr 10, 2010 11:32 pm congratzzz http://dreamzattheponds.blogspot.com To be invited to our blog send a PM with your email. Settled on land 25th June Exchanged contracts on Land April 14th 2010 Building our First Home Re: Will we get approved...or not... 5Jun 08, 2010 5:17 pm and they lived happily ever after.....that's good news VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 If your patio is going to be 35 sqm then that's going to need Council Approval. The fact that they previously approved your 25sqm patio will be irelevant 1 5495 Depends how much direct sun it gets. Is there any shading (eaves or trees)? If the sun hits a window directly it doesn't matter too much if it's double or single… 1 12645 9 24643 |