hints needed for getting a loan and chatting to my banks lending officer

Discussion in 'Property Finance' started by justine77, 18th Sep, 2015.

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  1. justine77

    justine77 Well-Known Member

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    I need hints for talking to my lending officer at my bank.

    I'm thinking of taking out a loan to build a granny flat and to possibly spruce up my house a bit.

    I'm hoping to one day rent out the granny flat and maybe even my house aswell .

    i've read to dress nicely. I'm unsure what else i should do . I never closed my home mortgage so i'm hoping i can draw from the equity on my old home mortgage with my bank that i had my home mortgage from

    I dont know if i should do interest only. what are the benefits or disadvantages for this please.

    i dont know what rate i would probably get can others tell me please.

    i dont know much at all.

    i have spoken to a broker who said i should first call or go in and speak to my bank where i had my home mortgage which is paid off but not closed and see first if they will take me on again.

    I dont know if that will mean opening the same loan that was never closed, or a new one that is interest only. I dont know what terry white below means by structuring my loans. please i need more info please.

    any advice or information would be appreciated please as i'm inexperienced. thank you.
     
    Last edited: 18th Sep, 2015
  2. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

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    Appearance is irrelevant.

    Best to get some advice on tax structuring of the loans first.
     
  3. Jess Peletier

    Jess Peletier Mortgage Broker - Australia Wide Business Member

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    My advice would be too not speak to your bank officer and speak to a broker instead ;)
    Dressing nicely is unlikely to make much difference if your financials don't stack up.
     
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  4. wylie

    wylie Moderator Staff Member

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    Absolutely agree with this. And Terry as well.
     
  5. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Dress code might have been a factor half a century ago but not these days.

    Hit up a decent broker - the guys above could help.

    Cheers

    Jamie
     
  6. datto

    datto Well-Known Member

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    I think that dress is important in any interview situation, even for a loan. You communicate on a subconscience level.

    When buying my first property not only was I smartly dressed but I also had a pair of footy socks shoved down the front of my trousers. This symbolised virility and a capacity to service loans.

    I told the lovely young loans officer that I had a big unit in mind. Needless to say I got the loan.
     
  7. S.T

    S.T Well-Known Member

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    I think you showed the ability to service a bit more than a loan @datto
     
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  8. justine77

    justine77 Well-Known Member

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    thank you i added more in my original post. which i'm also adding here.

    i spoke to a mortgage broker to told me to call up my bank and speak to a lending officer, or go in and talk to one, and see first about my bank

    where i have my bank mortgage which is paid off but not closed

    , see if they first will lend to me before starting from scratch with a new bank.


    what do you mean by structuring my loans.

    do you mean to go to different banks so i dont have all loans with one bank or what do you mean please.

    how would interest only be good or bad for me please.
     
  9. pinkboy

    pinkboy Well-Known Member

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    You need a new Mortgage Broker who has more brains than a jelly fish.

    Some good ones have responded to your recent threads. Good place to start.


    pinkboy
     
  10. The Y-man

    The Y-man Moderator Staff Member

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    Which bank?

    The Y-man
     
  11. BennEznElle

    BennEznElle Well-Known Member

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    If your home is paid off, but the loan not closed, can't you just re-draw the amount required? As Terry suggested, get some tax advice on loan structuring first though.
     
  12. sumterrence

    sumterrence Well-Known Member

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    Well first thing first do you work or have any form of income or partnering with anyone that have income?