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

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.

 

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.

 

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.

 

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.

 

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.

 

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

 

so he borrowed or lent money to a relative??

also, how short was he on the finance?

 

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.

 

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.

 

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...

 

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.

 

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.