Browse Forums Home Finance Re: Approval Drama's with Banks????? Anyone else???? 45May 16, 2009 5:14 pm Building at The Ponds Land reg 3/12/09, Land settled 18/12/09 Approved by Design Panel 16/11/09, Submitted to council 24/11/09, Approved by Council 21/1/10 Site Start 21/5/10 http://andyminpondsbuild.blogspot.com/ https://forum.homeone.com.au/viewtopic.php?f=31&t=19800 Re: Approval Drama's with Banks????? Anyone else???? 46May 16, 2009 5:22 pm Building at The Ponds Land reg 3/12/09, Land settled 18/12/09 Approved by Design Panel 16/11/09, Submitted to council 24/11/09, Approved by Council 21/1/10 Site Start 21/5/10 http://andyminpondsbuild.blogspot.com/ https://forum.homeone.com.au/viewtopic.php?f=31&t=19800 Re: Approval Drama's with Banks????? Anyone else???? 48May 18, 2009 3:36 pm Hi Oreo, We were told we get 0.7% but at first it will be only 0.4% as we are only taking the money for the balance of our land, once we have borrowed the full amount & it is refinanced we will get 0.7%. It is based on how much you you borrow with our lender W*stpac. Hope this makes some kind of sense, that's how my hubby explained it to me... Cara xo Building with Places "Galley 23"@ Eve, Cranbourne Nth Blog: http://www.finalyhome.blogspot.com/ Re: Approval Drama's with Banks????? Anyone else???? 49May 19, 2009 2:51 pm CBA discounts are based on the balance so that makes sense. If your current loan balance is only enough for the smaller discount category etc. Re: Approval Drama's with Banks????? Anyone else???? 50May 21, 2009 9:20 pm Hi everyone, Just thought id let you all know, the bank refused our application Because we didn't have a 20% deposit, we needed LMI and so even tho we met the bank's criteria, the LMI got us rejected, coz they need 48 months of previous employment with no gaps, and I had a gap of just under 4 months. So basically we now cannot buy till a) we have a 20% deposit, or b) I have been at my current job for 48 months, so another year... I hope everyone else has better luck than we did. Just wish they had told us this earlier rather than waiting 2 months of making us jump through hoops to be told "no". Re: Approval Drama's with Banks????? Anyone else???? 51May 22, 2009 1:22 am lexirm Hi everyone, Just thought id let you all know, the bank refused our application Because we didn't have a 20% deposit, we needed LMI and so even tho we met the bank's criteria, the LMI got us rejected, coz they need 48 months of previous employment with no gaps, and I had a gap of just under 4 months. So basically we now cannot buy till a) we have a 20% deposit, or b) I have been at my current job for 48 months, so another year... I hope everyone else has better luck than we did. Just wish they had told us this earlier rather than waiting 2 months of making us jump through hoops to be told "no". I wouldnt just one bank's word for it!!! We have lenders and mortgage insurers that accept minimum 12 months in same job or 6 months in same job with 2 years in same industry. If the 48 months issue was the only reason, there is hope. Re: Approval Drama's with Banks????? Anyone else???? 52May 22, 2009 11:23 am Our broker just spoke with a few lenders and they all basically said the same thing. So long as we need LMI, they are not going to approve the loan because of gap in last 48 months. The BANK accepted the application but it got rejected for LMI. If we don't want my employment gap to be an issue, we need to come up with 20% deposit, which in our case is $60K to $80K... so we are going to try to save enough to be able to buy in a year... first home loan advice 53Sep 02, 2009 5:16 pm lexirm, which bank said they approved it but LMI declined it? A survey must’ve completed by a certified surveyor. This form part of every DA requirement 3 223621 1 2990 Hi Minho I have heaps of experience in Ku-ring-gai with both DAs and CDC ( this is the main area we build in). DA's are taking 12-18months and CDC's we have been doing… 1 3164 |