Car Loans - Impact on Borrowing Capacity

Thanks for the tip, will try to request for that next time if I came across another one.

 

They can definitely provide the finance cost.
In my knowledge only a couple of lenders would accept the broken down finance cost though and not the total repayment amount including all running costs.

Me thinks NAB might be making an exception to you that brokers may not get away with. Maybe share your name so brokers on here can use you for reference in loan notes haha

 

Nice timing... client yesterday, vehicle lease. Full amount is $1595.88 provided the breakdown actual vehicle repayment amount $940.19
Pretty significant difference ($655.69) if not entered in with the breakdown.
Be great to be able to get sign off how @sumterrence has, better servicing...
But would suggest my credit assessors would want at least minimum/HEM + the repayment $940.19 which would result the same anyway.
I think having the actual repayment $940.19 as liability and rest in living expenses is pretty fair representation.
Anyway I don't need to send my files to credit assessors unless outside of policy (don't think this is the same from brokers and many other banks), $940.19 works for servicing, no need to poke the bear (credit assessors!)

 

I suppose as long as you can make clear notes and explain well enough it's fine. There are many ways to cut the watermelon.

"Credit" in nature is how you can propose the application to make sure the borrower has credibility to meet the 5 Cs. Hence the name "credit"

Lending Policies are in place as a guide not golden rules, and it is more so to reflect each bank's risk appetite rather than a one size fit all. Though most bank's policy are similar.

Through out my lending career I've done so many outside policy deals that the scenario was way outside of the policy. Again as long as you can support your credit proposal there is a chance the gate keeper may let you pass

 

100% agree, many deals are done that are outside of policy, because they make sense.
Find that there is greater success at this direct through the banker rather then broker
As you know the policy the best you do it every single day, only that bank.

 

Business must be slow Brady

 

Not for the last 10 years...

Operating program is! Nearly ready to call IT or go for a walk.