Hi All
I did a post below regarding helping my brother to get a loan. Then changed direction and decided to buy the house ourselves for him.
This turning into a nightmare. NAB have knocked back our loan as we have a default for my mother in laws phone on our veda file. And due to my son being sick and off work, we have been paying his bills which add up to approx $1500 a month. The bank has said they wont give us the loan because of the default even if we paid it out. Grand total of $200 And that our circumstances seemed to have changed. ie twice we were late paying our mortgage due to covering our sons bills by 1 week. And we dont clear our credit cards monthly.
We have just sold our house and will have $360k cash as we will be moving into my mother in laws as she has gone into a nursing home due to a stroke. She wont sell the house. She wont let us rent it. So the only other option was for us to live in it and take care of her dog.
I dont understand how I can be with nab for nearly 30 years and they do this. My sister in law is a mortgage broker and said we shouldnt have a problem but i am really reluctant to give her all our private info. The house we are buying for my brother is $254K and we were going to put in a 60K deposit. And then in an offset account pu like $180K to keep the interest down.
We earn between my hubbie and myself $210k a year. Is a mortgage broker going to be able to get us a loan or do we just pay cash. Does a mortgage broker have better pull with banks? This is so stressful! I dont want to let my brother down but i am not keen on forking out all that money either.
Any advice would be welcome.
Caz