refinance with only 3 months banks statements

Discussion in 'Loans & Mortgage Brokers' started by wiseguy, 7th Mar, 2016.

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  1. wiseguy

    wiseguy Member

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    ...besides ANZ?

    thanks
     
    wiseguy, 7th Mar, 2016
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    Yes
     
    Terry_w, 7th Mar, 2016
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  3. Simon Moore

    Simon Moore Residential & Commercial Mortgage Broker Business Member

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    Hi Wiseguy,

    To clarify, why do you have to supply just 3 months statements?
     
    Simon Moore, 7th Mar, 2016
    #3
  4. wiseguy

    wiseguy Member

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    because there were missed mortgage repayments prior to that :)
     
    wiseguy, 7th Mar, 2016
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  5. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    A pretty good reason
     
    Terry_w, 7th Mar, 2016
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  6. legallyblonde

    legallyblonde Well-Known Member

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    Three months is a pretty good recovery time from missing payments to be looking at borrowing again. =)
     
    legallyblonde, 7th Mar, 2016
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  7. Kesse

    Kesse Well-Known Member

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    If a mortgage debt is being refinanced then most banks generally want 6 months worth of recent statements. Some banks still want them even if the debt isn't being refi'd.
     
    Last edited: 7th Mar, 2016
    Kesse, 7th Mar, 2016
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  8. Bubica42

    Bubica42 Well-Known Member

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    Why "besides ANZ" ? What's wrong with them?
     
    Bubica42, 7th Mar, 2016
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  9. wiseguy

    wiseguy Member

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    yeah had some personal expenses to deal with
    So just ANZ?
    i know Westpac, St G, AMP, Citi, ING, all want 6 months..
     
    wiseguy, 7th Mar, 2016
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  10. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    There's a few lenders that will take 3 months statements. The Rock building Societ comes to mind. Their servicing model is worse than the ANZs though.

    Any particular reason you can't stick it out another 3 months, it'll open your options significantly.
     
    Peter_Tersteeg, 7th Mar, 2016
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  11. wiseguy

    wiseguy Member

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    lousy rates, lousy serviceability. not fit for someone with a lousy repayment history..
     
    wiseguy, 7th Mar, 2016
    #11
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  12. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    Are there any other issues in your credit file? What LVR? Was there a valid reason for the missed payments?
    Depending on these factors, it 'may' not be too much of an issue. If there were multiple missed payments and high LVR it will be a different story.
    Adelaide will do 3 months sub 80%,
     
    Jess Peletier, 7th Mar, 2016
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  13. Corey Batt

    Corey Batt Well-Known Member

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    Exactly my thoughts. One or two minor issues can generally be explained away, especially sub 80%. Always be honest and upfront with your broker so they can mitigate it in the notes, provide a letter etc.
     
    Corey Batt, 7th Mar, 2016
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  14. Jamie Moore

    Jamie Moore MORTGAGE BROKER - AUSTRALIA WIDE Business Member

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    Do you have to refinance now? Can you wait the three months for the missed payments to be removed?

    As mentioned above - sometimes the brokers notes can address the repayment conduct. However - if there were multiple late/missed repayments then it would prob be best to wait it out.

    Cheers

    Jamie
     
    Jamie Moore, 9th Mar, 2016
    #14