Having a relationship with a bank doesn't guarantee you a loan.

Recently an impromptu meeting with one of our suppliers created a conversation about a personal scenario that the supplier had with his own bank of over 30 years.

The client was absolutely dismayed and despondent with the attitude of his own Bank when looking to acquire an investment property. Although the client has other investment properties and a substantial asset position, his bankers declined to assist, stating that they would not provide 100% finance on the loan.

The real issue here is that even though the Bank in question has all the facts and figures on this client including:

  • Holding all their properties unencumbered
  • Having access to all the bank accounts that rental income and business income streams are transacted through

The Bank just refused to take the time to undertake a full fact find and seek to understand the client’s position.

Had they done this they would have been drawn to fact that because the substantial assets the client owns are unencumbered, there is sufficient income streams to support an investment property purchase.

Why do Banks continue to do this?

  1. The personal touch in general has gone from Banks, you are only a number
  2. They have decimated their experienced staff and have order takers employed instead
  3. They don’t have the skill set to create rapport with clients, and take the time to understand their true position. Any experienced staff are too scared to challenge the status quo of new policies.
  4. Their policies change, which impacts you, however other lenders have different policies, this is why it’s important to engage a finance broker in your finance solution equation.

There’s a better way

After talking with a broker, it became clear that there was no need to lose hope. There were other alternatives and avenues. 

  • Provided Mortgage Choice Miranda with current details via a fact find process
  • Is now working with Mortgage Choice Miranda to facilitate a finance solution for the new investment property purchase.

If you’re looking at buying property in Caringbah, Miranda, Gymea or surrounding suburbs and have been stone-walled by your bank, or are frustrated by their inability to recognise your full financial position and relationship, contact Tedy Ferreira your mortgage broker in Caringbah on 9526 7888.

 

Mortgage Choice Miranda 

Posted in: Home loans

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