Join Australia's most dynamic and respected property investment community

Loan Hopping?

Discussion in 'Property Finance' started by Truly Exotic, 18th May, 2016.

  1. Truly Exotic

    Truly Exotic Well-Known Member

    Joined:
    21st Aug, 2015
    Posts:
    225
    Location:
    16.4944° S, 151.7364° W
  2. York

    York Finance Broker Business Member

    Joined:
    24th Jun, 2015
    Posts:
    1,621
    Location:
    Sydney
    The article is about savings accounts. Not loans.
     
    Terry_w likes this.
  3. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,141
    Location:
    Canberra and Sydney
    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
     
  4. JohnPropChat

    JohnPropChat Well-Known Member

    Joined:
    10th Sep, 2015
    Posts:
    567
    Location:
    Perth
    Savings - shmavings. Offset accounts all the way.
     
  5. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    Joined:
    18th Jun, 2015
    Posts:
    2,095
    Location:
    Melbourne, Nationwide
    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).
     
  6. Azazel

    Azazel Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    8,113
    Location:
    Brisbane
    I concur.
    Or schmoncur.
     
    Magnet likes this.