Westpac expense verification

Hi,

I am applying for a new home loan through Westpac. I am dealing with my business banking manager as we also have some business loans with them.

They have asked for 12 months of statements for my accounts/loans held with other institutions.

In terms of expenses verification - will they only look at the last 3 months, or are they likely to go beyond that?

My average expenses for the last 3 months have been lower than the average of the 12 months.

Thanks,
Ben

 

Seems excessive- most lenders require 90 days

Cheers

Jamie

 

And westpac don’t need transaction accounts for expense verification, yet...

I’d say your being asked to provide them for another reason. Perhaps income verification if you haven’t done 2018 tax returns, or maybe something to do with business banking.

 

One of my IPs is with Westpac. I'm attempting to negotiate a lower IR. One of the things they wanted was in relation to expenses. My reply to them was:
My response to advising you of how much I pay for “Child Care, Education, Groceries, Insurance, Medical, Healthcare, Recreation, Entertainment, Transport, Clothing, Personal Care, Telephone, Internet, Pay TV and Media Subscriptions” is NO because:
1. I don’t know
2. I don’t care
3. I’m not interested in finding out (If we need or want anything, we just buy it)
4. I don’t want to waste my time finding out
It's been less than 24 hours since I sent this to them - I'll be interested in their response

 

That's what I thought too @Rolf Latham. I think I just got sent the standard email they send out to people wanting to refinance and new borrowers. I'm still waiting to see how they handle my recalcitrant attitude

 

Thanks, the loan is a residential home loan for a house purchase but I am effectively self employed as my company (I.e I am director and my family trust is the shareholder) is a partner in a professional services firm from which I receive wages and drawings /dividends.

Westpac is the firms banker and we have an existing relationship with this particular bank manager so they have my business debt (held in my family trust) and it makes sense to apply for the home loan through them as well.

I was just curious as to how they reviewed my expenses, and from what you've said, providing 12 months of statements is for reasons other than expense verification.

Ben

 

Love it, I really interested to hear their response.

 

In the future when getting a business loan read the documents very carefully, they will try to tie your house in.