Anyone have any good/bad experiences with The Rock home loans? My broker is recommending them for a construction loan. I had never heard of them, but the CEO is apparently not dwayne Johnson.
We have used them mainly in the SMSF space and they have been great. Their mainstream resi policy is decent too but you would need a specific reason to use them. Hasn't the broker provided reasons as to why he has recommended the Rock?
He hasn't said go with them as yet. Just that he was asking me some questions and suggested they would be one of the ones we should go out to. Said he had a placed a few there recently. This is for personal owned IP that I will be settling and building on in a couple of months. What reasons would you use them for?
They do one years financials @ 80% (along with ANZ, CBA and Westpac and its groupies). They accept 3 months statements for refi's instead of your traditional 6 months. They currently have a pretty good 2 year fixed owner occupied loan of 3.98%. They do 97% including LMI capped for IP loans. They have an excellent no genuine savings policy. I can go on but might put you to sleep - there should be a specific reason when using a lender. Im sure there is a reason but its good that you understand why you are using a lender.
I'm self employed but for 4 years. 80% LVR But want to refi as soon as house is built and tenanted. Thanks for comments.
Hi there I'm new here please be nice I'm looking for lenders who offer construction loans don't want to go with the big 4 as my application been declined from Macquarie bank yesterday saying that I did not have a good saving for construction and I did have a very good history with land loan with them seems strange or they did declined it because I did have a pay rise and a small saving. need advice please asap as I need to apply soon.
Welcome we will be nice : ) Really not a whole lot of information to help with reality is that abig 4 is probably a better chance than Macq depending on why the loan was declined ta rolf
I wonder if it was not saving so much as servicing? Speak to one of the brokers here and they'll be able to have a look to see what may have gone wrong, and offer specific suggestions. Without all the info it's really impossible to say, or offer any meaningful advice.
You really need to find out specifically why you were declined so you can come up with a plan of attack accordingly. It sounds like you didn't have the shortfall of funds to contribute towards the construction. The valuation will play a big part in what you want to do so you may need to get your broker to order a few upfront. It may be worthwhile talking to another broker for a second opinion - Jess has responded to you in this email and she is excellent.
Thank you very much guys I appreciated your advices. My story is I bought land with a help of broker and settled in 2014 with Macquarie bank. Now when I m ready for my construction loan my first broker lost his lisence, so I found another one told him my situation and he suggested to apply with the same bank because I m customer of Macquarie bank . Now I did have a pay rise in the last year so he think that the information he did put in my application for construction loan did not much same as the first broker did put. So this is the scenario and he think that the LMI who did declined the loan because there is no savings. Please ask any further questions cross your minds just to get a clear image . Thank you for your understanding.
Having no savings isn't a reason to decline the loan unless you can't show adequate contribution of funds for any shortfall but then again it wouldn't have been sent to the mortgage insurers if this wasn't evident so I think there may be another issue or perhaps the broker has articulated the issue very well. My recommendation would be to ascertain the exact wording from the broker - not sure if they are able to copy of the exact wording from the insurers to you. Failing that I would recommend talking to a broker like Jess who has responded to you in this thread. It doesn't take long for a good broker to get right to the bottom of it.
Best of luck Sararose. Jess will do a servicing and order an upfront valuation before she submits the loan, so there wont be any more surprises. I'm sure she will be able to tell what went wrong with the macquarie application as soon as you give her your details.
HI Experts Thank you so much for your support and your advices I will see what his last words to say because he told me that we will take new application to a fresh new place and if I feel that still he is not confident I will pass it to Jess for sure as I know she is very good helper.
