Browse Forums Home Finance Re: Our chance? 3Jan 02, 2013 11:35 pm Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Our chance? 15Jan 03, 2013 12:28 pm Scared1stTimeBuilder Hi Michael I would like to get your opinion on our situation: My parents are gifting around $110K to us We currently only have $2K in savings as we were not aware that we need to have savings because my parents are paying deposit on our first home. . CBA has rejected our home loan because my Fiance's account was in overdraft a couple of times in the past six months, I thought it was nothing major however CBA didn't think the same and we have been banking with CBA for the past 4 years. I have heard before that its very difficult to get an approval from CBA. Hi, You will need to apply with a tier 2 bank, without seeing your credit file i can safety say if any of the major 4 banks carry out their system generated "credit scoring" you will get an auto decline within a few days... especially CBA since you overdrawn their account. Also not all banks will accept an non-genuine savings loan ( gift) so it looks like your Broker made a embarrassing rookie mistake The good news is; as long as your LVR is under 90% ( even better if it's 80%) from the above details you can easily apply for a loan with a tier 2 lender who doesn't credit score + allow for non-genuine savings OR will take in consideration 12 moth worth of consistent"rental history" - Such as - Suncorp - Adelaide bank - First mac - Me bank - Macquarie etc.... Which bank to choose? it will depend on how your credit file looks like and other financial details + work history/type and LVR. Regards Michael Michael Chan | Australia wide Mortgage Broker Michael@ShapeHomeLoans.com.au | 1300 74 5626 | Fax: 02 8212 8909 http://www.ShapeHomeLoans.com.au Re: Our chance? 17Feb 14, 2013 1:26 pm G'day all. Some interesting talk here that is relevant to our situation. Shape, I was wondering if you or others could comment on our application. We are going through a broker who said he was confident our we would be successful with our application for $450k construction loan. Suncorp - gift as part of deposit taking into account 24 months of rental Hx at $290 per week. (See attach for details) Combined salary $140k Deposit. $17.5k savings history 5 months $8k as gift (not in our account, a signed Suncorp gift declaration form is being used) Min deposit required 22.5k ( 5%) 11k credit cards limit. Broker discussed with his suncorp contact and said we should make offer secure land. Bank did not give official pre approval. We secured land at 155k 28 days subject to finance, soil, wind blah blah. Waiting on house quote around 250k. Have a look at these Suncorp docs and our situation and see if think we get approved. Thanks a lot! Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Hoping someone can help. It's a 30 year old brick veneer house with a negative slope from the street. There's no effective drainage here except for a rubble pit at the… 0 732 of course there are legal avenues. You've already mentioned it. Sue them. I find it odd that lawyers wouldnt be willing to take on the case, given CCT evidence and… 1 24582 "Losers" "humanity" "off time" "your" "top notch" "love symbol" Sounds like ponzo is done using other people's toilets 36 25170 |