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  1. #1
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    Default Do all banks have this lending policy?

    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.

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    Default Do all banks have this lending policy?

    I'd go see a broker, it sounds a bit shady to me.

    We use Suncorp- love them!!

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    Default Re: Do all banks have this lending policy?

    I second Suncorp - fabulous! I banked with one of the big four forever until last year when i actually took the time to research and i couldn't be happier with the move. Simple things like actually speaking with real people and lower monthly fees make a real difference.



    Sent from my GT-I9305T using BubHub

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    Default Do all banks have this lending policy?

    I'd see a broker also. I know that many banks are a bit funny about maternity leave - I'm currently on leave and will be applying for a mortgage in April when I go back. As I understand it they will refuse based on this or will request a letter from your employer stating your return date, your income, and your employment status. This is why we will use a broker to hunt down the most agreeable banks.

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    we are with suncorp .

    it is legitiamte that u need two current payslips for your income to be considered part of the income amount for the loan .

    we had a substantial deposit but it still wasnt easy for us to get our loan we had to first clear all other debit (dfs car loan) and since we only have his income we scraped in but only just .

    (and we had like half of the purchase price in my bank account ...so yea loans are not always easy to get )

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    Default Do all banks have this lending policy?

    Quote Originally Posted by *Need~More~Coffee~Please* View Post
    (and we had like half of the purchase price in my bank account ...so yea loans are not always easy to get )
    Oh yes! It's very had to actually get a loan. I haven't worked for 3 years and they had no problem with that it was all DHs different pays for different positions within the company that proved to be a problem. He had to get his work to send the bank something stating it was all the one job and would all continue but he just works in heaps of different departments with different pay rates!! Head spin.

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    Default Do all banks have this lending policy?

    Loans are very difficult to get these days in this economy. I'm shortly going to have to go through this now that DH and I have split. I seriously doubt they will give me enough on my own to stay in this current house, so I will have to downsize/relocate to a lesser suburb with my boys. It sucks

    However you do need to see your current situation from the banks perspective too. Just because you say you are going back in Feb and have a letter from your employer, means nothing to them. You could change your mind between now and then, the intention of going back is very different to actually returning and earning money.

    As for savings - ING Direct are awesome. Pays good interest, no fees at all and done online linked to your bank account. Good thing is it takes 24hrs to get cash, so no impulse buys/withdrawals!

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    We are with Bankwest and I highly recommend them. They are even open on the weekends

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    Quote Originally Posted by waterlily View Post
    Oh yes! It's very had to actually get a loan. I haven't worked for 3 years and they had no problem with that it was all DHs different pays for different positions within the company that proved to be a problem. He had to get his work to send the bank something stating it was all the one job and would all continue but he just works in heaps of different departments with different pay rates!! Head spin.
    i also havent worked in a long time ( ummm 5 years ...)

    im so glad that we did get accepted in the end !

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    Default Do all banks have this lending policy?

    Yep I was on mat leave when we wanted to buy and had some serious probs. In the end the bank was happy with PPL as income but I had to give an exact start date back. So I'm back in 3 wks as I had to get a new contract signed by work to show them.

    Very irritating.


 

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