Browse Forums Home Finance Re: New Lending laws excluding or limiting access to finance 21May 23, 2011 8:44 am I've just had a work friend go through some major hassles sorting out their loans. They have always banked with a credit union . They were not looking to switch to one of the big 4. They had a small country property on which they live, sold a city property, wanted to payoff a personal loan and debts( clear cc) and then put the rest into the country property loan. This would have meant most $ going into the country property loan. The credit union wouldn't allow it. They had to put the full amount into the loan. Seems someone stuffed up on the orginal paperwork and it was meant to have details that when they sold their city property the $ had to go into the loan. But there is no paperwork stating this. They were never informed of this. they were informed they could borrow as a personal loan the money needed to pay off any other debts.( approx 40k) Of course at a higher rate. They also wouldn't let them refinance so they could access any of the money. So friends are still paying off all the other loans now rather than opting to get a new personal loan. They have begun bank shopping. Turns out they'll have no dramas with what they wanted with one of the big 4. I've always been against the bigger banks. Beginning to consider that in todays current climate they aren't too bad. For reference, this is the Austlii reference. My take on this is, that they would be breaking the law denying access to a homeowner in Victoria, or their agent from having… 1 9067 you were just referred to get advice from your solicitor. This is a legal matter. Separately, why would you use a buyers agent for a house and land package? 3 54933 |