two weeks to settlement - freaking out

After waiting a week to get a 'no' from NAB due to that unpaid bill, the broker spoke to BoM and ANZ about our situation prior to applying, both said that the only way to get this approved is if the loan and the contract of sale were only in my name.

Broker says BOM processing times are quicker, so I had my lawyer amend the contract sale and applied there via the broker. I should get a result monday, and THEN i need to get the valuation and LMI approved...meanwhile the clock is ticking..

 

First thing to do when looking for property? Finance. Lawyer. Inspector. Not looking at property.

 

That's what we did, got pre-approval from Macquarie. but their rates for 90% LVR are 3.2%

We got a property lawyer first as well. C'mon, with my income this shouldn't be hard for a bank.

You need to earn at least a mil/year to be treated with any respect by banks, I hate 'em

 

Letting a bank dictate your ownership structure is not good. Couldn't your spouse just pay the bill? Prob a bit late now tho

 

They've literally said they don't trust her character, and her repaying it now would only seem like she's doing it to get a loan.

 

Most unusual

 

I'm tending to blame the broker at this point, this is all what he told me, and the resultant strategies have been suggested by him.

 

What the unpaid bill large?

 

Yeah - but not paying it is worse, surely?

 

Dont understand this. She missed an optus bill back in 2015. These bills tend to be monthly. So why wasnt the amount paid the next month? Why is it still unpaid after 5 years?

 

We moved overseas for a couple years. Her phone got stolen, and she'd never relocated before. So she stopped getting mailed bills and stopped paying them

Anyhow, I earn 6 times more than her. I'm sick of the process of getting a simple OO loan given my current income and monthly savings, and low monthly expenses.

it's insulting through and through

 

In business, while it is fine to be assertive, I have never found arrogance nor aggression brings out the best in people and outcomes.

I am getting the feeling this could be happening, from the tone of some of your posts.

I could be wrong but ...

 

Should a broker check, or ask the borrower to check, credit reports as part of the initial assessment these days?

 

It's good to know these things up front but often the borrower doesn't know

 

So did you find the broker from these forums? If not, why not?

I wouldn’t panic just yet, and wouldn’t worry about what had happened already. Speak to your broker and figure out a way to best use the remaining 2 weeks. If you think your broker is part of the problem - change them now. In the meantime, word up the selling party about potential extension to settlement.

You mentioned you have pre-approval from Macquarie. Why don’t you progress this to settlement and refinance to another lender later on? Surely a slightly higher interest rate for a few months is nothing compared to all the stress you are going through now. Moreover, 3.2% @90% LVR is not bad at all.

 

UPDATE: now this is beyond ridiculous...I followed Barefoot and got rid of my unlimited platinum AMEX a year ago. I instead got a low interest card with a stupidly low limit (1.5k).

The bank asks for statements for this toy CC and then ask "WHY ARE THERE DECLINED TRANSACTIONS?" lol, that's the entire point of setting up buckets of spending, to place limits on your budget...

My main anger is with credit rating agencies, they penalise you for shopping around, yet don't record any useful positive info (not even with CCR). Your credit file rarely says when close a credit an account, when you pay all your bills on time, or when you pay your monthly rent like a swiss clock.

 

It's not a requirement but I do it to avoid situations like this, too many people either don't know or don't disclose all the info so best to find out before any application is submitted

 

Yeah I work in cybersecurity and suffered identity theft. I've got alerts configured on all my credit files.
I was a naive online shopper back 2015, and didn't know how anti-competitive banks are by nature and how shopping around trashes your credit file. It's really quite ironic, how market dynamics apply everywhere except to consumer financial products.