Nab Overstepping the mark........ ?

Discussion in 'Property Finance' started by Rolf Latham, 22nd Aug, 2015.

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  1. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

    14th Jun, 2015
    Gold Coast
    The times ................ they are a changing. Well NAB have always had an excuse for meddling in other's business, but now they have a convenient excuse:)

    APRA and NCCP are now responsible, the below is verbatim but depersonalised. the bold bits are the banks.

    This is a deal where we were looking to do a partial discharge with a subsequent Loan REDUCTION and LVR reduction, after having completed a development.

    The last I looked is that NCCP applies where new lending or new loan contract is issued.

    NAB isnt alone in this game, but really do take the cake

    Moral of the story - DON"T xcoll ( or as I said to my BDM - dont use NAB)

    And to cap it all off this is 8 weeks after submission.


    Current Approval Status: Assessment in Progress

    Critical Information:

    Please be advised the following has been discussed with Multiple NAB Credit Associates.

    The request for the above has been reviewed by the NAB Credit Team.

    They have advised the following:

    Due to xyz being Refinanced.

    They can only consider the request once the following is provided.

    In reference to the previous settled application settled on 06/05/2015.

    Please note this is if financial position has not even further changed.


    -All information required to complete a NAB Broker Servicing Calculator.

    Living Expenses, Marital Status, Dependents, Annual Income consisting of PAYG Income and Rental Income.

    Commitments consisting of Other Mortgage Repayments Amounts with Limits, Credit Card Limits and any other Loan Commitments.


    -Two Consecutive Income Payslips, with the most recent dated within one month or One Payslip if it consists of a YTD figure of a minimim of two pay cycles.

    -External Home Loan Statements, if the following structure:

    Principal and Interest- Loan Statement no older than six months showing limit and scheduled repayments.

    Interest Only-Loan Statement no older than six months showing current limit and interest rate.

    Once the above is provided, I can assign the request to the NAB Credit Team for reconsideration.

    Please note, these are mandatory requirements under NCCP and the Financial Bodies Governing NAB
  2. Terry_w

    Terry_w Structuring Lawyer and Finance Broker - all states Business Member

    18th Jun, 2015
    The last sentance is obviously wrong. But it is a nice excuse.

    Rolf I have been doing something similar at NAB with a loan increase - so all payslips etc provided. Taken 3 months so far.

    Could you just do the partial discharge first, keep all loans as is, and then pay down the loans once security released.
  3. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

    18th Jun, 2015
    Melbourne, Nationwide
    Based on some recent dealing with the NAB, I'm starting to wonder if they're going to follow AMPs example and simply exit from the investment market for a time. It's getting the point where they almost don't want anything to do with new investment lending, even if it is reducing their total exposure. Investment is a dirty word.

    Sadly for affordability purposes they remain one of the more generous lenders in many situations.