[bubzillaiscoming]

DH and I are homeowners and also have an investment property. We have been looking for a bigger home for a few years now and finally purchased one We had preapproval from the bank for an extortionate amount of money and spent approximately half of this amount on our new house.

The bank has been a nightmare.

We provided all the documentation required very early on in the process. They came back and asked for additional info eg we provided payslips, group certs, rental statements, they came back and asked for the actual tax returns and more up to date rental statements (we gave them the most up to date ones we had at the time, which were the most recent ones). We provided them with the additional information they required and were assured that once this was done the loan would be unconditional.

They have come back today asking for even more information/documents!!!! I am getting so upset as I don't understand why this is soooo difficult when we are only borrowing half of what they offered us. Admittedly since pre-approval I have gone on family leave, but we were very upfront about that at the beginning.

Is this normal post GFC??? We are supposed to settle at the end of Jan and I am getting so stressed that we will lose our (very substantial) deposit. We told the broker today that we wanted to look at going with another lender and he has lodged a complaint with the bank on our behalf.

Anyone else had an experience like this? We are very fiscally responsible (not that the bank cares) so am struggling to understand why this is so hard

[bubzillaiscoming]

Any one?

[Apageintime]

The pre- approval is conditional, so I wouldn't take the amount on that as gospel (even though you're only borrowing half) as this amount is calculated using only very rough data.

Unfortunately if you want the loan you'll have to give them the paperwork.

Is your settlement subject to finance?

[countrymel]

Have you approached another bank?

I think if you suggest to your current bank, whom I assume you have all your other mortgages with, that you are looking to shift ALL your business elsewhere they might get a bit of a zing in their step!

[bubzillaiscoming]

No not subject as we were told we would easily be able to borrow that amount!

Obviously we will provide them with the documents, but it seems like they are asking for above and beyond what is required for a 'normal' mortgage and I am wondering if the processes have changed since the GFC?

Last time we just handed over the documents and got approval, non of this to-ing and fro-ing and STRESS! I am getting myself into such a state and there is nothing I can do, I just have to sit and wait. Ugh!

[bubzillaiscoming]

Have you approached another bank?

I think if you suggest to your current bank, whom I assume you have all your other mortgages with, that you are looking to shift ALL your business elsewhere they might get a bit of a zing in their step!

We brought this up today. I just feel like we are low risk compared to some stories that you hear (and even some of our friends) but I guess the bank is being super cautious! I know now why people say it is so stressful moving house!

[BlueEyedBeauties]

I was going to say what countrymel said -
take your business elsewhere, or at least tell them if its so hard you will consider taking it elsewhere.

Unfortunately when it comes to lending/borrowing etc, its painful.

We are with Credit Union Australia and have never been happier. They just make life so easy.
We have a loan through St George bank and I would never touch them again in my life... they are a pain in the butt.

I would seriously look at changing your lender.

[intd242]

What is the broker saying about the process? I'd think he should be able to shed some light on what is going on and if he can't I'd wonder how good he was and if you should be taking to someone else.

ETA - ok, broker could be doing all he can do, but I'd think he should be in a position to ease some of your concerns re getting the money one bank or another.

This post has been edited by intd242: 09/01/2013, 01:29 PM

[lamarque]

We had no problems getting our mortgage when we were both working full time. Once I went on maternity leave we decided to sell up and buy elsewhere - our current bank didn't want to know about us with only one income and we had to go to another bank.

[bubzillaiscoming]

What is the broker saying about the process? I'd think he should be able to shed some light on what is going on and if he can't I'd wonder how good he was and if you should be taking to someone else.

ETA - ok, broker could be doing all he can do, but I'd think he should be in a position to ease some of your concerns re getting the money one bank or another.

He keeps telling us with each step that the loan should come back unconditional - which is what the bank is telling him. I think the bank is messing him around too. The bank agreed to send a valuer out to the investment property but didn't bother to let the broker know when even though he was waiting for the confirmation ... we got the info from the real estate agent.

If time wasn't a factor I would be saying we should definitely change lenders ... I'm just worried we have left it too late...