any hints for novice to get a loan and are rams a good broker.

Discussion in 'Loans & Mortgage Brokers' started by justine77, 29th Jan, 2020.

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  1. justine77

    justine77 Well-Known Member

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    my son put an offer in on a house and isnt easily getting a loan and the loan they will get will be at a higher rate with higher costs .
    can anyone give any hints that might help.
    I think the biggest hint was he loaned a bit from a relative very short term which will make it easier for him now .
    should he be asking another broker or any other hints as he's never done this before.
     
  2. Foxdan

    Foxdan Well-Known Member

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    1. He should get his loan and Lon amount pre approved before he makes offers so he knows how much he can borrow.

    2. Find an experienced independent broker who can find the right lender for his circumstances (and future circumstances). There are plenty on here who will no doubt post below.
     
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  3. Trainee

    Trainee Well-Known Member

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    This is why newbies should talk to a good mortgage broker before even looking at property. Then a solicitor to understand the buying process of that state.

    less temptation to do something rash.
     
    Last edited: 29th Jan, 2020
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  4. Lindsay_W

    Lindsay_W Well-Known Member

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    He should be on here asking the questions and reading the forum - Tell your son to get on here asap.
    He should've seen a broker well before making an offer, why make an offer if you have no idea what you can even afford to borrow?
    Rams are not brokers, RAMS is a lender.
     
  5. sash

    sash Well-Known Member

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    RAMs are pretty decent brokers who sell products funded by Westpac. They are now offering reasonably sharp deals.

    Let me know if you want a contact..I will put you in touch with them.
     
  6. Lindsay_W

    Lindsay_W Well-Known Member

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    Rams aren't brokers - tell your son to see a good mortgage broker @justine77
     
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  7. TMNT

    TMNT Well-Known Member

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    so he borrowed or lent money to a relative??

    also, how short was he on the finance?
     
  8. justine77

    justine77 Well-Known Member

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    he did get preapproval but many banks are known not to stick to that that its not foolproof.
    he was short about 10000
    thank you for all those who replied and also those who said that rams is not a broker to see a proper broker.
     
  9. tobe

    tobe Well-Known Member

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    Rams aren’t brokers. Rams is a brand of westpac like st George and bank of Melbourne. Their franchisees have started writing with other lenders because westpac changed some of their policies and brought them into line with the rest of the westpac group.

    just like random brokers or mechanics, there will be good and bad rams franchisees. The franchisees are paid more to write their own product than doing applications with other lenders so that might remove some of their impartiality when deciding on a lender.
     
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  10. euro73

    euro73 Well-Known Member Business Member

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    shakes head . They aren’t brokers . Lending novices without a credit qualification advising other lending novices about credit is generally going to result in head shakes...
     
    Last edited: 1st Feb, 2020
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  11. euro73

    euro73 Well-Known Member Business Member

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    It depends entirely on why he is having difficulty obtaining finance

    Is is borrowing capacity related?
    Is it funds to complete related?
    Is it employment related?
    Is it credit history related?
    is it security related/valuation related/ LVR related?

    Have him speak with a broker.
     
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  12. Lindsay_W

    Lindsay_W Well-Known Member

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    That's because most pre-approvals aren't credit assessed meaning they aren't worth squat - some lenders do credit assess their pre-approvals though - why seeing a broker first would've helped in this case.