Browse Forums Home Finance Re: Help! Will this effect my home loan 2Aug 06, 2013 11:51 am I wouldn't think it would effect your mortgage as (to the best of my knowledge) banks rarely undertake company searches as part of their fact checking processes. But why don't you just speak to whoever you are dealing with at the bank directly? Re: Help! Will this effect my home loan 3Aug 06, 2013 12:12 pm Why would you agree to that? Wont you be partly responsible if anything goes wrong with the business? My parents were bank managers and one of their big rules was to "never become a director of someone else's business" I would be looking into the legal implications before I signed regardless of the house loan. Re: Help! Will this effect my home loan 4Aug 06, 2013 12:30 pm Just checked with one of the Accountants at my office. Because the business is a Pty Ltd company and my stepdad is the only shareholder, the risks lie with him alone. While I may have some resbonsibilities ethically, financially it wont affect my home loan. Thanks for your helpful fearmongering though, Ari. I use this forum for actual advice! Re: Help! Will this effect my home loan 5Aug 06, 2013 12:31 pm Thanks Grom, I will ask them today. I didnt want to red flag something if it wasnt even an issue, but I will check just to be sure. Re: Help! Will this effect my home loan 6Aug 06, 2013 12:50 pm Just called the bank; no problems whatsoever. Re: Help! Will this effect my home loan 8Aug 07, 2013 12:52 pm Haha, I will give you that one. It did make me flare up and call Westpac straight away! So I guess I should thank you. 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 19068 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35305 How much are you ahead in payments compared to where the build is at? Have you fully drawn down the loan? 5 11893 |