Hi, we have had the pleasure of dealing with the national bank in regards to buying a property in Moranbah apparently there lending manager in the Sydney office has done some research and seems to think that, there will be thousands of houses to be built in a town that is land locked.
We were apparently preapproved for a home there through them then they did a backflip because there lending manager
researched within 24hours that it is now to high risk because of the thousands of houses being built don’t know where they intend to put them. there awesome research did not show the landlocked or the fact the house we were purchasing is able to put on a second dwelling to increase the rental income and equity further.
They also did not believe the rent would be 2k+ through a company had to tell them a dozen times lol
they also are counting the rent at only $1000 a week because of the( Mining Tax) I know it’s carbon tax lending manager called it mining tax, “what a good researcher”. will mean less pay for the miners so they can’t afford the rent and the lease can’t be guaranteed for another 2 years
NAB Sydney research properly before spouting figures and so called facts and one side of the story when you clearly have no idea what’s going on in Moranbah
thanks for listening
Why not get in touch with Moranbah council and ask if there is to be any land releases that would account for this apparent growth spurt. If you can, get a letter from the town planner that you can forward to the NAB, saying there is to be no such mass land release.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
This is a NAB thing- internal valuation. another banks hires external LOCAL exp valuers.
So ;
1. Request for a external valuer with NAB
2. Find another bankEither way make sure you don’t do and have muti credit checks/hits on your file.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Agree with Michael it an NAB internal issue.
Just settled a refi for a client who had a couple of IP's in Moranbah and both valuer and lender didnt have an issue with the Tenancy Agreement we provided showing the higher rental yield.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Everyone I speak to seems to have a problem with NAB including me……. are the exceptionally worse than the other banks?
No totally disagree it is just who you deal with in Credit.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Maybe your speaking to NAB customer only
Every bank has their problems…It’s just a matter of finding the bank for YOUR needs at any particular one time.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:Every bank has their problems…So true. Just when you think you're having a good run with one bank, something will happen that just leaves you shaking your head and muttering to yourself "really?"
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
The trial and tribulations of being a broker.
First requirement – being masochistic
Second requirement – being prepared to wrinkle and grey quicker than the average populous.
Agreed Derek i skipped 1 and went straight to the grey hairs and wrinkles as my API photo can verify.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
We have found ANZ to be the most pro-active for us in Moranbah, even flying up before official approval came through to meet the valuer in Mackay to ensure that the land we purchased cam up to contract price as it is vacant and has no comparables.
Very good service! It pays to use a mortgage broker, they will sort out the good and bad managers for you!
Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.
Hi,
I think it is an internal thing, we have used many different lenders and we currently have five of our properties with a NAB branch on the Gold Coast and they are pretty good. We just ring them direct and they sort out any issue – so we are fortunate, we don't deal with Sydney or Melbourne. Just some quick news – NAB dropped their rate !!!! pretty happy about that.
abcd1 wrote:Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.Sounds like you got a serviceability issue? having equity won’t help as you still can’t service the loan.
Being on a pension is not an issue, just depends if you have enough income to service the debt your after.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:abcd1 wrote:Thanks for the helpful feedback we have tried the Broker route also as we are on pensions this doesn’t seem to be possible even with 200k equity guess will just have to wait until house is worth selling to do something.Sounds like you got a serviceability issue? having equity won’t help as you still can’t service the loan.
Being on a pension is not an issue, just depends if you have enough income to service the debt your after.
Regards
MichaelHi Michael the rent is 2k+ a week but NAB will only count half at $1000 weekly we were preapproved on the 2k a week rental income they changed there mind after doing some research, the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.We are just going to sit on our hands until we can sell our PPOR and get cash in the bank and will work something out from there.
abcd1 wrote:the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.We are just going to sit on our hands until we can sell our PPOR and get cash in the bank and will work something out from there.
Your going to sell your PPOR because of this one advice a NAB lending manager has given you….You must love this lending manager
Think i be wasting my time if i try to convince you that you def have more then this one option…Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Shape wrote:abcd1 wrote:the problem is the lending manager seems to think Moranbah willl get thousands of homes built soon.
We were told they don’t believe we would get 2k+ a week for a 4 bedder in Moranbah although the contract was subject to a lease agreement.We are just going to sit on our hands until we can sell our PPOR and get cash in the bank and will work something out from there.
Your going to sell your PPOR because of this one advice a NAB lending manager has given you….You must love this lending manager
Think i be wasting my time if i try to convince you that you def have more then this one option…Regards
MichaelWe also have tried a broker that deals with Moranbah properties we also have family in the area so no we haven’t just tried NAB we have also tried CBA private lending and other financial advisers and several brokers….
We are selling the PPOR to cash out why have 200k tied up which means we can only access 80% of it anyway when we can use that and not have to bother about the banks, 200k is 4 properties in some areas businesses without the scrutiny of the bank Renos flipping removal homes the 200k was from flipping so this isn’t our first step.
After trying for 3 years to use equity to get into investment properties businesses etc and get off the pension selling is the best option for our situation, so we can move forward.
Fair enough then.
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
Find myself asking why the post was made in the first place if you have already decided to sell your PPOR.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Qlds007 wrote:Find myself asking why the post was made in the first place if you have already decided to sell your PPOR.Cheers
Yours in Finance
Simply venting and to let others know what a pain in the neck it has been if others are using NAB preapproving then changing there mind in 24hours is simply unbelievable.
Mate if we could get the finance and move forward we would at wits end here, and people wonder why others stay on the pension only so much someone can take.
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