Browse Forums Home Finance 1 Feb 20, 2013 3:13 pm Hi I know this may come as a bit dishonest, but my husband and I applied for a block loan a few months ago with a deposit of 10%. We were approved straight away no questions asked and not even verifying employment at our works, just pay slips. We even required mortgage insurance and had a few credit cards that we had to pay off and close. They never asked for these statements and proof that they were closed. We have since used these cards again and now we have to apply to top up our loan to build on the block and don't have the funds to pay off the credit cards. Only our 5% deposit that we need to put onto our build loan. I'm not sure what to do here. I don't know whether to apply and hope that they won't ask about credit card applications and hope that they don't ask for proof that the credit cards were paid off and closed last time. It is with the same bank, and we have had good payment history with them since opening up the loan for the block. We have a mortgage broker who applied for us and am still using the same one. He is quite conservative with what he says and said things that the bank didn't even do. I'm not sure whether to take the risk or not. Can anyone please tell me any demands the banks have made in regards to this before they approved the loan? Or give me advice on what to do. Re: Has anyone every had this home loan application experien 2Feb 20, 2013 11:24 pm Hi Sandy, What I notice a lot of times is the lender will go through the applicants credit history and if they see they have applied for any recent credit, i.e. credit card/personal loan will ask for further details on their status (even if these weren't taken out). That's how pedantic some of them are. As for your situation, the bank might or might not ask, but in reality if applying the broker should be telling them the truth in that you have credit cards that have unpaid balances to them. Can you not service the loan holding the current credit cards? What do you owe and what are their limits? Cheers Tom The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 18894 4 6796 Thanks for the response! However, it's have been sorted. But for others benefit here is what we had to do. Unfortunately, it's not straightforward. BCC washed their hands… 3 7163 |