two weeks to settlement - freaking out

Oh for **** sake! I'm a total nerd about credit scores and reports. I have access to my credit report from all three credit bureaus. I know intimately what's on there.

Stop assuming im an idiot.

 

maybe it's because I've changed jobs and addresses often? earning more $$ every time i got a new job I might add

 

I don't believe anyone is assuming you're an idiot.
We're getting bits and pieces of the puzzle, eg. now you're saying you've changed jobs and moved around a lot, that wasn't anywhere else in the thread.
You've mentioned you're on $250K at one point, then $300K at another point.
Without knowing the full story we are forced to assume some things.
There is clearly a reason you've been declined, one lender has advised credit score, the other has advised they view you as high risk - You need to get clarification on EXACTLY why you've been declined, without knowing what the issue is makes it hard to know how to proceed.

 

Neither of the two that have declined me, have wanted to disclose WHY I their internal credit or risk scoring declined me. They say it's their confidential technology.

That was the first thing I asked.

 

As I posted earlier:

I understand the OP is stressed out but the way to resolve situations like this is to remain calm but assertive.

I applied for refi last year and it took 4 months. All sorts of errors and mistakes were made including poor valuation, losing the trust deed, ...

I could have gotten aggressive with the bank BUT they had the money and I wanted/needed it.

I took the calm and assertive approach until I got the money. Then I wrote a long email detailing all of the stuff-ups they had made and how disappointed I was about how they treated a loyal and long-term customer.

It didn’t change anything but at least I felt better .

 

Ok here's the timeline of bank idiocy:

Get pre-approval for my and partner with macquarie (current bank), it's a bad interest rate and people tell me going through a broker is better.
Based off of Macquarie pre-approval, we get a house at auction
The broker I engage strongly pushes me first towards NAB
We get declined at NAB due to my partner's Optus default ($900)
Broker then has me change contract of sale to my name only, and pushes me to apply to BOM/STG
BOM/STG reject me due to some automated scoring mechanism they won't explain
Broker then say to go via him to Macquarie
Macquarie declines me, scores me a risk 5, and says they would have approved me with my partner on the application. they say they hadn't picked up my partner's default, but as a couple we're risk level 5

Note, I make 300k a year, work for a household tech name, and my wife makes 50k a year. the property value is 980k

 

Do you understand now why I'm royally ****** off at the banks? I've never gotten a response as to why I am "high risk"

 

I already have a broker who is working on this as we speak. I have no time to engage yet another broker. I need to earn 400k to get access to private banking. Maybe next year.... until then, I'll end up with a subprime lender like a pleb, and I'll never give any business to NAB, BOM or Mac in my lifetime.

 

In a word, NO.

As I keep saying, being arrogant, getting aggressive, being ****** off, ... is NOT going to help your situation.

My refi was for $1M and I have been a self-funded retiree for nearly 10 years. Yes, the bank made me jump through hoops. Yes, they stuffed me around. But I had a strong business case, I remained calm and I remained assertive. In the end, they lent me the money.

Something is not adding up here. Can you provide us with a brief outline of your business case?

 

Does Macquarie even do fully assessed pre-approvals?

 

How much are you borrowing? Over 80%?

 

The auto pre-approvals are the devils work. I hate them. Not a problem until its a problem like for the starfish

Issues maybe?
- Lots of changes to job / addresses?
- Possibly low asset position relative to age and to income? Is this a first home?
- 90% + deal?
- non applicant spouse or spouse with default

You need a lender who doesn't credit score clearly. What about Resimac is 3.34% up to 95% but not sure if they self insure?

 

Grab a copy of your credit report. Make notes on all inquiries and status

Apply with a lender that does not auto credit score

 

No - most lenders don't, CBA does and a few others but Macquarie isn't one of them

OP said 90% somewhere along the lines, not sure if 90+LMI or inclusive.

 

A good option no doubt
AMP Also don't credit score and have slightly better rates, assuming servicing works

 

AMP credit scores now.

 

Really? Spoke with my BDM this morning an he advised they still don't credit score??

 

Not my experience at all Peter. ME pre app vetting policy is they want credit enquiries from last 2 years explained. Now that we have CCR it makes no sense but they still asks if a credit card enquiry etc went ahead or not