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  1. #11
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    Yeah I kind of get the maternity leave thing but even current payslips don't mean someone couldn't quit soon anyway. I'm more annoyed about the self employment bit. I asked the lady if someone made $100000 a year at a company but only $200 p.a in a side business would it be the same. She said of course they would take the $100000 into account but they would still say the person is self employed and the $200 would be considered the principal income. Really??? That sounds utterly ridiculous.

  2. #12
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    Default Do all banks have this lending policy?

    Quote Originally Posted by Hari View Post
    Yeah I kind of get the maternity leave thing but even current payslips don't mean someone couldn't quit soon anyway. I'm more annoyed about the self employment bit. I asked the lady if someone made $100000 a year at a company but only $200 p.a in a side business would it be the same. She said of course they would take the $100000 into account but they would still say the person is self employed and the $200 would be considered the principal income. Really??? That sounds utterly ridiculous.
    Yes I agree, that does sound ridiculous. Have you spoken to other banks yet? I would, or better yet a mortgage broker.

    Banks usually ask for ALL income to be specified, so can't understand why yours is saying the self employed part is all that matters. Doesn't sound right.

  3. #13
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    Default Do all banks have this lending policy?

    Definitely see someone else. They do have policies but not all policies fit everyone so there are several out there even with the same bank.

    Honestly with a deposit like that and only want to borrow that little it doesn't sound right. Bendigo/bank of Adelaide only lend as little as $150k for mortgage and CBA it's $200k. So doesn't make sense that you are wanting to borrowat the bottom end with a good deposit, evidence of future income and evidence of savings. Definitely see someone else!

  4. #14
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    Default Do all banks have this lending policy?

    Quote Originally Posted by Hari View Post
    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.r
    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.
    Your employer should still be issuing payslips while your on leave mine did they on.y stopped when I left

  5. #15
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    Default Do all banks have this lending policy?

    I think the self employed thing sounds fishy. As others have said see a broker

  6. #16
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    Broker is definitely the way to go. Admittedly it was 5 years who but we got a loan with 4k deposit and no other savings whatsoever, with only DH's income. And the loan was through a major bank in the end. Good luck!

  7. #17
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    WOW I am honestly shocked at how you've been treated - makes no sense at all to me.

    We recently bought a home through Com Bank & it was MUCH MUCH easier than getting contract phones let me tell you!!

    Our deposit was only 5% & our mortgage $240k.
    I am now a stay at home Mum so no income.
    DP has always banked with Com Bank & we have a small personal loan (under $3k rather than getting a CC).

    My DP is in the earth works industry & works for several different companies whenever he does big projects. He only started his latest project 3mths ago so we thought they would say no now but would tell us how much longer we would need to wait/keep saving for.

    As it turned out, they said yes straight away. Her reasons:
    - as his wages go in their weekly, they were able to work out his yearly base income & his actual earnings (as it's an industry where you work more than 40hrs per week so because of this, no proof of income'payslips were necessary).
    **His actual income is very high

    - small personal loan & regular repayments

    - small car loan (with another finance company - regular repayments means good credit rating).

    - no credit cards or any other debts

    - low borrowing amount

    Com Bank took really good care of us & when we shopped around, no one could give us the same deal.

    We did go to a broker who recommended Com Bank without knowing we were already with them.

    We are very happy.

    Good luck - I really hope you find the right bank to take care of you & your family.

  8. #18
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    I recommend smaller credit unions usually. They tend to be a bit more interested in your actual circumstances rather than ticking boxes. I'm with a credit union for my car loan and only have a general banking account with one of the big 4 and I have FAR more trouble with the big 4 bank than I've ever had with my car loan and credit card!

    But essentially, banks can make whatever choices they want. They aren't oblidged to loan to you so even if it's based on sheer discrimination because the banker doesn't like the way you look they can get away with just saying no.
    Sucks, but it's up to them to choose who they do and don't loan to .

  9. #19
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    Well, we ended up seeing a broker who said that was a load of nonsense. She advised us to go with Suncorp who approved our loan within 6 hours of application! I hate the W bank for other reasons - they have done some pretty unethical stuff (not related to loans) and I am definitely changing banks this week.
    Now, we have decided we may not buy after all because we've decided we'll probably move back overseas in 2015, so I guess I going to get lots of 'follow up' calls from the broker about how our house-hunting is going


 

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