Browse Forums Home Finance Re: Banking finance and Non-banking finance for Home Loan 2Feb 25, 2008 11:05 am After 4 years - we're in! Re: Banking finance and Non-banking finance for Home Loan 4Feb 25, 2008 12:07 pm After 4 years - we're in! Re: Banking finance and Non-banking finance for Home Loan 16Jun 17, 2008 9:39 am I strongly suggest you wait.
Our sales consultant suggested we do not build a house at the time we initialy approached M@tricon. This was the best advise we ever received. He went through our situation (the sales guy not the finance guy), gave us some suggestions and we came up with a plan. His attitude was that he is happier selling homes that people will be able to conmfortably afford and appreciate rather than spending their life worriying about it being ripped out from under them. We came back a year later, with credit cards gone and a personal loan severly reduced. He ws able to get us into a bigger house than we wanted, and we have never looked back. If only there were more ppl like this in the world. As mentioned Do not be afraid to wait till your situation improves. if you can demonstrate you have stuck to a budget, and reduce your debt, you may e more attractive to borrowers. Adrian B Re: Banking finance and Non-banking finance for Home Loan 17Jun 17, 2008 12:23 pm Did you see the 4 corners program on the ABC a few weeks ago about people over-comitting to credit and then gettting their houses repossessed?
It may not be what you want to hear but Sirgoat and Adrian have some good advice. Sure, if you look hard enough you may find a lender who will lend you the money - but at very high interest rate and many added charges, including MLI which is very expensive. We applied to borrow 100% of our construction loan and found this out, it will be much higher than you expect! (Fortunately, credit union exempted us from paying it due to our assets equity- ie although we had no savings, we owned our own house and an investment unit outright) Perhaps seek the advice of a financial counsellor - set up a realistic plan which can get you into your own home in the long run Re: Banking finance and Non-banking finance for Home Loan 18Jul 02, 2008 6:47 am kanchi7880 Hi Experts, I was looking for bank loan for block of land which I have purchased in Berwick. That land is about to release in March. I got an approval from commbank when i booked that block of land. But then I did bit of research about other finance institution. I come to know that there are few non-banking institution which are offering home loan at really nice interest rate e.g. myrate. I find it offering most lowest interest rate so far. I also talked to couple of blocks recently. They all borrowed from banks. And they all knew about cheaper non-banking finance. I asked a reason, but they even dont know even. Does anyone know is it good to go for non-banking institution for finance? Why people not prefer? Any risk factor involve in it? What benefits banking institution offers that non-banking institution doesnt? http://www.myrate.com.au Please advise me. I am really confused with bank loan. Regards, KanChi Banks lend to a lot of people some of whom default, so they charge higher to make up for losses elsewhere, a small lender on the other hand, can choose who they lend to more carefully. 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 20076 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 36581 From a pure legal perspective, if you've signed the variation, it is a very high bar to have it set aside. No-one can give you legal advice on a forum, but you would need… 3 5848 |