Bank frustrations

These lending criteria are now completely out of control.

My application to fix a portion of my mortgage has been declined and forms need to be done again because:

My Signature apparently doesn't match my License one well enough (I litterally sign something once every two years when I move my mortgage so excuse me if it changes slightly)

I didn't fill out an application directing where the funds should come from....... the funds that CURRENTLY come from the offset for the EXISTING mortgage that I am just trying to fix a portion of.

This is not a new loan app, this is just to fix a portion of the loan they just gave me.

I do not understand why they are making things so difficult on such stupid things now. Sure check out my last 98 billion years of expenditure I don't care but seriously this is beyond formality.

 

The banks are painful atm.

 

Which Lender?
Assuming you're doing this direct to bank
You'll need to split the loan to fix a portion of it.

 

Literally no common sense anymore.

Services by $1.5M/year? Sure - but I still need to know what the $23 debit on the 3rd March was, and evidence it's not ongoing before I can approve...

Dealing with banks has gotten quite unfun.

 

I've had AMP request clients do a stat dec to say they are the same person as the one who signed the loan app - multiple times.

Last week I had CBA want to issue new loan docs because one of the applicants signatures looked different on all 3 places that they signed. I checked and they were very different. Client said he was unable to produce a consistent signature anymore because never used a pen. luckily it was resolved with a few phone calls.

 

NAB. Apparently with some of them you can do it yourself through online banking but not with NAB, it's a new set of docs.

 

I had a bank contact me about my signature. They wanted me to change it as they could not decipher my name from the signature. But that’s how I sign things, I said. Had the same signature for 40 years!

 

They were incredibly painful and frustrating 12 months ago ... hate to think what they're like now. I have never, in my life, signed so much paperwork for a simple loan

 

Our main bank (big 4) that we had banked with for 7 years, and have 2 loans with, had the wrong DOB for my spouse on file - refused to open/activate a transaction account until he went into a branch with his ID... no idea what happened there!

 

Last week I had an assessor call me because the living expenses seemed low. I told her that all the client wanted to do was split an existing loan and fix part of it.

She said the living expenses need to be verified for compliance and responsible lending purposes.

I told her that's BS, there's no change to existing lending. Responsible lending doesn't apply. I did mange to win in the end.

 

Every doctor in the world .

 

Quite rare, but I was at a CBA branch the other day. They asked me whether I wanted a $2k Overdraft on one of my accounts. I had one of these facilities in place for about 15 years but recently cancelled it to improve servicing.

Yes I said (if anything, just to be polite). Then they said that would be a full servicing check (salary slips, rental statements, loan statements, the full works).

I told them that was 150 pages of documentation given my circumstances. That was the rules they said.

Yep, the full rubber glove treatment (Think of your annual prostate test), all for $2k.

Told them to forget it and walked out.

 

I did, but my spelwing is an ongoing problem.

 

Any change with NAB is typically harder than most, I suspect because the loan needs to be split they required all this stuff, it was already split then less hassle, maybe.