Browse Forums Home Finance Re: Final Loan Approval Declined - Can they do this? 5Sep 30, 2009 6:16 pm Built with Bentley homes in Doreen All moved in Dec 2009 Now for the garden! Our stuff so far viewtopic.php?f=31&t=16532 Re: Final Loan Approval Declined - Can they do this? 7Sep 30, 2009 6:47 pm Well it was so stupid I got so far they wanted to put slab down this Friday I did my pre-start everything was running smooth then I got that letter! As my broker said it prob just depended on the guy's mood that day. They just want to see that I can make my repayments for 6 months. I guess it don't matter I owned a house with my ex for 3 years and never missed a payment or I have a 100% credit rating. See what they say in 2 months. Re: Final Loan Approval Declined - Can they do this? 8Sep 30, 2009 9:47 pm Quote: I guess it don't matter I owned a house with my ex for 3 years and never missed a payment That is a two wage loan. It is much harder now to get a loan on just the one wage. The bank is telling you, you can't afford this loan, I think you need to redo some sums. Re: Final Loan Approval Declined - Can they do this? 9Sep 30, 2009 9:53 pm Ugh, what a terrible roller coast ride. Hopefully you get something sorted out soon. Make me very nervous about whether we'll ever get a home loan. It all seems so hard! ~W~ Building our forever home - Lilium Estate Clyde - Land due May 2019 Built our first home - Pakenham - 2011 Re: Final Loan Approval Declined - Can they do this? 10Sep 30, 2009 11:46 pm buildingwithhamra Quote: I guess it don't matter I owned a house with my ex for 3 years and never missed a payment That is a two wage loan. It is much harder now to get a loan on just the one wage. The bank is telling you, you can't afford this loan, I think you need to redo some sums. If they unconditionally approved her it means she has passed their lending criteria already as far as income goes. Only thing that can change unconditional approval is a change in circumstances such as an interest rate rise or you lose a job. If the bank gave you unconditional approval - keyword being unconditional and you acted on this and have proof you can probably force them to give you the loan as you would at law be a loss because of them. I know someone with a loan at a major bank who was issued unconditional approval before credit had completed their work... bank manager stuffed up BIG TIME anyway they got the loan regardless of what credit had to say because the builder actually had started to build the house... Talk about a major stuff up. Re: Final Loan Approval Declined - Can they do this? 11Oct 01, 2009 11:22 am Quote: If they unconditionally approved him it means he has passed their lending criteria already as far as income goes. The ANZ did not approve her, it means she dosn't make/have enough money. In the banks eyes she simply cannot afford this loan. You don't get loan approval declined if you have plenty of money. Re: Final Loan Approval Declined - Can they do this? 12Oct 01, 2009 2:31 pm Yes the bank has pretty much said yes it was the lenders mortage insurance that said they wanted me to have my existing loan for 6 months before they lend me the money. This should have been picked up when I applied for pre-approval but wasn't and things kept progressing. I then got unconditional approval and this was still not picked up. I just found it wrong that they can get me this far put a deposit on the house and then turn around and say no you now have to wait 2 months and re-apply. Re: Final Loan Approval Declined - Can they do this? 13Oct 01, 2009 6:26 pm Not suprising that you're having issues with Bankwest. Read my other post regarding how they handled my brothers loan application. He clarified his employment situation with the branch manager, and they gave him a pre-approval after doing a credit check. The manager even told him not to worry and go ahead with putting an offer on the place he likes. Which he did, and then a week later they rejected the loan 12 March 2010 - Land titles received 3 April 2010 - Signed building contract 14 April 2010 - Prestart 28 April 2010 - Loan approved 30 June 2010 - Slab completed 27 August 2010 - Brickwork completed 22 September 2010 - Roofing completed 30 September 2010 - Internal walls plastered 12 October 2010 - Lock Up 19 November 2010 - PCI 26 November 2010 - Handover 29 December 2010 - Moved In https://forum.homeone.com.au/viewtopic.php?f=31&t=32584 Re: Final Loan Approval Declined - Can they do this? 14Oct 03, 2009 9:11 am what percentage were you borrowing? 80% 90% etc. Jo My Thread: https://forum.homeone.com.au/viewtopic.php?t=21736 Current Status: Frame stage complete 28.09.09 Re: Final Loan Approval Declined - Can they do this? 15Oct 03, 2009 12:13 pm MichelleHill If you want to get a second opinion ( escalate the issue) : Bank of Western Australia Limited Mrs Sonja Higgins Head of Service Quality 08 9449 2525 or 1800 650 111 Ms Linda Van Gent Manager Customer Advocacy 08 9449 2525 or 1800 650 111 or Written complaints to : Mrs Sonja Higgins Head of Service Quality Bank Of Western Australia Limited Level 31 Bankwest Tower 108 St Georges Terrace Perth Wa 6000 Fax : 08 9449 2555 If you can find out who the insurer is you can also escalate the issue thru the insurers escalation process. Failing this you can contact http://www.fos.org.au - Financial Ombudsman and file a complaint to ensure there is no discrepancies. P.S - there is no such thing as a 100% credit history in Australia - you either have a credit file with no defaults or you have one with defaults - insurance companies also look at how many inquires you have on your credit file. Although you may not have any credit cards etc at the moment, if you have a high number of inquires. i.e 30 in the last 5 years - that could warrant you as a high risk customer. Prior good history is treated as next to nothing.. Its a old school perception that if you were good before you will continue to be next time around, unfortunately the banks don’t operate like that anymore. Good Luck Re: Final Loan Approval Declined - Can they do this? 16Oct 03, 2009 1:10 pm We had a similar situation at the start of the year with our bank and since then things have got alot tougher. Essentially unless you have been given your loan documents the ombudsman cannot do anything about it. This is the cruel part about it. Unless you can avoid LMI you are at the mercy of the Insurer assessing your risk profile and if you are worth the risk. Banks will give you unconditional approval but it is usually subject to clauses eg LMI insurance. It may be worth taking it up with the bank through the complaints department and see how you go. If anything try and get the application taken of your credit file if you can, and when you apply elsewhere let them know what has happened. They will then take this into consideration when assessing your application. All the best with it, it is truly a bitter pill to swallow when you get knocked back, but keep fighting for it if you can as when you get it all through and the house starts you soon forget about all the problems you faced trying to $$. http://buildingatfreeling.blogspot.com/ Building at Freeling Estate Adelaide MKII WE ARE NOW OFFICIALLY FIRST HOME OWNERS AND WE BUILT A NEW HOME FROM SCRATCH 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 19375 Ask the council if there is a chance of getting build over easement exemption. Sometimes easements are unused and 24cm is not all that much. Good luck. And yes any builder… 2 14188 1 3052 |