Browse Forums Home Finance Re: Advice needed - LMI in pre-approval but not Loan Agreement 2Sep 03, 2009 11:29 pm Metricon Riva 33 - http://herlihy-riva.blogspot.com Site start 15/03/2010 - Handover 23/12/2010 9 months and 8 days (284 calendar days) from site start to handover Re: Advice needed - LMI in pre-approval but not Loan Agreement 5Sep 04, 2009 4:42 pm P1T Read about my building experience: http://secondhomebuild.blogspot.com Dale Alcock Homes - 'The Nautilus' in Bletchley Park, Southern River - WA Read about my Clipsal C-BUS Home Automation Project: https://forum.homeone.com.au/viewtopic.php?f=34&t=20854 Re: Advice needed - LMI in pre-approval but not Loan Agreement 6Sep 04, 2009 4:45 pm MagicJ I finally have my own reno thread: viewtopic.php?f=1&t=28335 The reason a dog has so many friends is that he wags his tail instead of his tongue! Re: Advice needed - LMI in pre-approval but not Loan Agreement 7Sep 10, 2009 2:46 pm Update: Complaining to the bank's complaint person seemed to achieve little except a reiteration of "we've taken it because we believe we can". Have now lodged a complaint with the Credit Ombudsman, will see how that pans out. Re: Advice needed - LMI in pre-approval but not Loan Agreement 8Sep 10, 2009 5:14 pm I am really curious to see how this one goes. Re: Advice needed - LMI in pre-approval but not Loan Agreement 10Sep 10, 2009 5:31 pm lgale I notice you work for a broker thlo, any opinion? Hi lgale, I am in fact the principal broker at The Home Loan Office (tm). In terms of opinion, I can see both sides of the arguement but I am not qualified to comment on legal matters. I think it will come down to offer and acceptance in contract law. What you knew was the terms of the offer by the lender before you accepted it. Terms can be express (written into contract) or implied at law. Any lawyers at homeone? Re: Advice needed - LMI in pre-approval but not Loan Agreement 11Sep 10, 2009 5:43 pm Believe it or not I too can see both sides, but I think at the end of the day I've signed the contract in good faith (ie. fully believing that there was no LMI payable). If the bank had come to me before establishing the loan I would have been afforded the opportunity to find ways to reduce or knock out the LMI (eg. by parents going guarantor on the loan) or at least have had the knowledge up front that that amount of money was payable (and not spend it). Coming to me 9 months later doesn't help me one bit ... they haven't even issued me with an updated Loan Agreement, just taken the money. Anyway, I guess it's now in the hands of the ombudsman, will keep you all posted. Re: Advice needed - LMI in pre-approval but not Loan Agreement 12Sep 10, 2009 5:48 pm lgale , will keep you all posted. Yes please! brokers will also be in a position to get you a better rate than the advertised rate most times. 6 7680 In NSW the maximum deposit for building work is 5% until the builder provides HBCF insurance 1 4927 Hi All, We signed a prelim agreement last year (May 2022) and paid deposit to a builder. However, we didn't go ahead with them and never signed a contract. We ended going… 0 2330 |