Loan Hopping?

Discussion in 'Loans & Mortgage Brokers' started by Truly Exotic, 18th May, 2016.

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  1. Truly Exotic

    Truly Exotic Well-Known Member

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    Truly Exotic, 18th May, 2016
    #1
  2. Phantom

    Phantom Well-Known Member

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    The article is about savings accounts. Not loans.
     
    Phantom, 18th May, 2016
    #2
    Terry_w likes this.
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    I had a client do this. It wasn't fun when we had to demonstrate a three month genuine savings period over 4 or 5 bank accounts :-(

    Cheers

    Jamie
     
    Jamie Moore, 18th May, 2016
    #3
  4. JohnPropChat

    JohnPropChat Well-Known Member

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    Savings - shmavings. Offset accounts all the way.
     
    JohnPropChat, 20th May, 2016
    #4
  5. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    I once had a client bounce from one account to another. When they applied for a loan it got flagged as fraud and the loan was instantly declined.

    We did manage to rescue the deal, but it took a lot of work and quite a bit of time (not helpful if you're trying to meet a finance deadline).
     
    Peter_Tersteeg, 20th May, 2016
    #5
  6. Azazel

    Azazel Well-Known Member

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    I concur.
    Or schmoncur.
     
    Azazel, 20th May, 2016
    #6
    Magnet likes this.