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  • Profile photo of susanksusank
    Member
    @susank
    Join Date: 2013
    Post Count: 3

    Hi Everyone,

    Just wondering if anyone knows any good mortgage brokers in Sydney (happy to travel anywhere within the Sydney area).

    My situation is that are looking to purchase a property and our broker has submitted our application to Macquarie however the bank said that due to our age (I am 59 and my husband is 62) we are both working and our incomes are very high. The broker said that our loan was declined due to our age and our exit strategy wasn't adequate even though we have sufficient assets.

    Susan

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Susan

    What was the loan amount and purchase price of the property?

    Was the property an owner occupied purchase or an investment?

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of susanksusank
    Member
    @susank
    Join Date: 2013
    Post Count: 3

    Hi Jaime,

    The loan amount is 880,000 and the purchase is $1,200,000 and its an investment property.

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Hi Susan,

    We deal with these scenarios all the time and had a loan approved for a member in Coogee recently.

    If the property is an investment property and meet all the other conditions of the loan (i.e. servicing, employment, property type,  etc) I would suggest you either:

    1. Go to Westpac directly or

    2. Tell you broker that Westpac has a no age policy on investment properties.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of susanksusank
    Member
    @susank
    Join Date: 2013
    Post Count: 3

    Hi Shain,

    That's great news. Are there any other lenders that offer this or is it just Westpac?

    When you say servicing – what does this mean? Also the property is a semi so will this be an issue? I think we are picking up a bargain and its located next the the house we live in and we didn't have any issues with our house. How can we check this?Also are you based in Sydney if so are we able to organise a time to discuss the application? 

    Apologies for all the questions.

    Regards

    Susan

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Hi Susan

    This looks ok to me – the property type as well.

    Can't see why it couldn't be done.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TheFinanceShopTheFinanceShop
    Participant
    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    Hi Susan,

    I have received and responded to your email. There are 2 other lenders that have that policy – I normally use Westpac for these types of scenarios as they tick a lot of boxes whereas the other 2 don't (Admittedly one of the other lender is not available via the 3rd party channel). 

    Semi is not an issue but there are half a dozen aspects that are considered when a valuation is completed so we can order an upfront valuation to ensure everything is fine with the security before any further steps. 

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of Alistair PerryAlistair Perry
    Participant
    @aperry
    Join Date: 2004
    Post Count: 891
    susank wrote:
    Hi Everyone,

    Just wondering if anyone knows any good mortgage brokers in Sydney (happy to travel anywhere within the Sydney area).

    My situation is that are looking to purchase a property and our broker has submitted our application to Macquarie however the bank said that due to our age (I am 59 and my husband is 62) we are both working and our incomes are very high. The broker said that our loan was declined due to our age and our exit strategy wasn't adequate even though we have sufficient assets.

    Susan

    That's very unusual. Selling the property is an acceptable exit strategy under responsible lending rules for an investment property. If you want to PM me details I'd be happy to get the head of Macquarie Mortgages to have a look at your application, the reason given does not sound valid and you may be able to get it turned around if you really want to use that lender. This sort of thing does seem to pop up with loans for PPOR's as sale is not a valid exit strategy, in that case, but it is usually possible to get around that as well.

Viewing 8 posts - 1 through 8 (of 8 total)

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