CBA pre-approval

Hi Brad, I don't have any application with NAB yet. I have CBA pre-approval based on my old employment.

 

The bank has said that because its standard policy - you need an exception to policy. SumT has mentioned this on behalf of NAB (I agree with him as NAB is quite flexible with things like this) and Brady has loosely mentioned the exception required as well.

An exception may be possible depending on a) the lender b) the strength of your application c) who and how the application and exception is requested.

By advice is to talk start talking to Brady who works at CBA or SumT who works at NAB as they sound like they know what they are doing. Then get them to assess your details and give you a initial indiction of the likelihood of an exception. They may speak to credit and get their buy in, thoughts and any additional documents required to help them make a positive decision.

 

Given you've got the pre-approval in place, get the CBA to update the pre-approval with the new employment details and reassess. If nothing else, it means not submitting another application and hurting your credit file. There's nothing to loose by doing this.

To accept the bonus with either lender, it's going to be an exception to their policies. The customer service desks won't give you any certainty. Personally I'm sceptical, but if the case is made strong enough for the bonus payments, you've got a chance.

 

Hi @Peter_Tersteeg

Lets say you have a pre approval.In a months time you have decided to move overseas for a better career opportunity.If I had to buy a property now and quit my current company is 3 weeks times before settlement then will it affect loan if you honestly declare your future career which is on much higher pay.

Thanks in advance.

 

Overseas could throw a spanner in the works for sure - I'd avoid this if at all possible. If they find out and reassess, you might find that the currency you're now getting is not accepted, or heavily shaded (and taxed at Australian rates.) You might not come out in front in their eyes.

 

I gave a call to CBA today and told them upfront that I have plans to move overseas and wish to buy an IP before I move.I believe its better to be honest as I may have to sign disclosure.
They seemed pretty casual about it and told me that shouldn't be an issue but they just have to reassess the employment section of the loan and re-do some paperwork.Also,probation period in the next job shouldn't be an issue.

 

Your pre-approval is no longer valid because you've informed the bank of your changing financial circumstances.

Your borrowing power is also likely to be far lower because of how the CBA (and most other lenders) assess foreign income. They 'just' have to reassess the employment section - this may give you a very rude shock.

Make sure you have a finance clause in any offer you make.