two weeks to settlement - freaking out

Of course. If 2 kids are in child care then $6.5K per month is too good to true. Hence, it could be straight up "servicability" problem, therefore they are getting "computer says no " answer

OP did not say (atleast I did not read) that they had kids. I am presuming DINKS.

 

$6.5k spend is not that much for the income. HEM (minimum living costs) at that income level is about $4500 for a couple and about $5500 for a couple with 2 kids at public schools.

 

Wow. Their are some lender that will turn an application around in 24 hours like Macquarie and Aussie Select. Some lender such as ME Bank do not look at the credit file. So you may need to go back to the drawing board. PS: Vals take 2-3 days. Also you can extend settlement by around 14 days before defaulting (NSW), you may need to pay some interest, but gives you a bit of time.
Cheers
Peter

 

Update: BOM/StG declined, their literal reason "computer says no, no appeals possible"

Macquarie, where I got my pre-approval from, took one day to reject, classifying me as "high risk".

Im now just over a week from settlement, and completely baffled why. I'm permanent employee, 300k/year, no debts, no default.

My only option now seems subprime crap like Pepper, at insanely high interest rates. I don't deserve this, I've been a model citizen.

 

As for living expenses, for the past seven months we've been paying 2.4G rent, plus saving around 5 to 6g to put towards the deposit.

 

Also, I work for a household name global tech company.

 

get whatever loan you can and refinance later. Be practical here. What other choice do you have? Go on tv?

its not fair on your seller either.

model citizen is relative. The lender doesnt agree with you, and they have the gold.

 

What was the actual reason? Credit Score? Due to the default on wife's credit file?
Ideally need to know if that default has been paid, if not why not and also the $ amount of the default.
Alternatively, can you borrow in your name only?

 

"Please note, application has now Credit Score Declined. This is an automatic system decline and does not meet criteria to over-turn"

 

What's your wife's credit score? This seems to be the thing killing the deal but I would also say your broker had not covered it upfront prior to putting the deal up to a lender, something I would personally always do in a case where there is a default on the applicants credit file.

 

Are there any brokers here experienced with tech workers who can help me?

I'd like to avoid Pepper as it has insanely high interest rates, if at all possible.

 

If @Rolf Latham can't do it, no one can

 

Do credit card charge declines also appear on credit reports?

 

As far as I'm aware they do not, only overdue payments for the card itself, it's a rating based system now that it's 'positive credit reporting' see below
Repayment History Status Code
0 = The consumer credit is not overdue. Current up to and including the grace period
1 = 15 – 29 days overdue
2 = 30 – 59 days overdue
3 = 60 – 89 days overdue
4 = 90 – 119 days overdue
5 = 120 – 149 days overdue
6 = 150 – 179 days overdue
X = 180 + days overdue

 

I've never been overdue on a credit card payment.

 

Your partners credit score/history is likely the key issue in regard to you getting finance.

 

the past TWO applications have been done in my name alone now. and still have been declined (BOM/StG and Macquarie).

 

Apologies I didn't see that mentioned anywhere?
Strange that you've been declined due to credit score then
There MUST be more to this story than what's been told

 

STG will do that if you've got too many credit enquiries within a specified time... which it sounds like you may have. Broker may be able to get it overturned if they escalate with BDM.

However, it sounds like it might be more than that though. It sounds like it is out of control to be honest. Your broker should never have submitted an application with STG if you were declined by BOM. It is the same lender....

Have you got a copy of your credit file? You really need to start there to ascertain what the problem is.

In the mean time you are going to need to ask your solicitor what your options are around pushing settlement out further in the event it takes time to get resolution.