I have been a customer at a major Australian bank starting with W for many years. We applied for a home loan but got rejected even though we have $30,000 in a savings account with them and wanted a loan for 220,000 plus we have an extra $70,000 for the deposit. The reasons for rejection were these.
I am on maternity leave but go back to work in February. I can prove this and I can provide last year's group certificate etc. They can't include my salary as they need two CURRENT payslips. I think this is dumb but ok. The next reason made me mad.
My husband makes $50,000 p.a at his full-time job. He also makes $6,000 p.a as a sole trader in a side business. Because he has an ABN his f/t job pretty much means nothing and he has to be put down as self-employed and the own business being seen as the main income. Do the banks legally have to do this or is it just this bank's stupid policy?
Even if this is a legal requirement the bank has done other crappy stuff to us over the years and I want to change banks for our everyday accounts?
So, second question. What bank do you recommend for everyday use plus a decent account for earning interest on savings we won't touch - who do you go through and are you happy? Thanks.