Great tips Modonnell, I never would have thought about the Accountants letter, I thank Richard for his 2 cents and would have to agree that “plenty” would be the same as me saying my wife has always “100% loved me” for the past 15 years, which I think is a bit of stretch unless of course Modonnell you have a secret *hush* *hush* list you would like to post in this very private (no-one will ever read this far) post.

A friend of mine told me to stop playing the game with Westpac and just get a line of credit against the existing equity to whatever the amount can be and take that to someone as a deposit on a standalone deal which I have researched.

It sounded so simple in theory and I did feel a little stupid for not even thinking it, but that’s learning for you.

Thanks again, appreciate the feedback.. :-)

Hi Shane & Marty,

Thanks for your responses, really appreciated.

Yes WP definitely wanted ATO ITR receipts for me personally, so I prepared 5 years worth even though they only requested 2.

I did this and explained the personal wage drop for last year, and also then showed personal YTD for 2013-14, which backed my case.

Marty McDonald wrote:

The problem you have is if you want to use company profit then you would need the other shareholder director to guarantee you. Stupid I know but the logic is the bank doesn’t want to rely on income that your business partner could withhold.

I was not entitled by his ruling to use any of the Company profits to justify income, nor was I able to get depreciation consideration because my structure was a company which to him wasn’t a true “sole trader” if I was a “sole trader” then my business and it’s figures would have been accepted.

I agree with your liability statement, I was just perplexed with the way it was handled.

I am only half of the equation as my wife is the other part of this and she skips through with a brand new job (4 mths in), which could end at any minute, I say that because she was made redundant last year when her Employer sold the company and gave staff short notice, there is absolutely no job certainty with her position when someone else is in charge, she does a great job and has never been fired from a role but as far a job security in this climate, it doesn’t take much for an employer to make seriously, quick life changing decisions.

In my company we have at least control over how we run it, how we get paid, so on and so forth.

Shane13 wrote:

It doesn’t sound like your lender was very helpful in explaining what is required and why. I would definitely try and source an experienced lender or broker and hopefully they will be able to help you out or at least give you some options.

Thank you, and yes that’s exactly what I’m doing.

I can honestly say a week later and a couple of rants that I’m grateful for the slap Westpac gave, I had gotten lazy, got use to things easily happening and thinking that I was being served well with some of the services I source and pay for.

This last week has returned me to the grindstone and passion I once had 20 years ago when I had nothing and I had to fight like many others tooth and nail for every inch, except now my position is completely different to then and so I will only extract the very best from services I wish to pay for.

Marty McDonald wrote:

Either that or look at a low doc type option.

They did offer to do me and my wife a low doc option, it made me laugh so hard the guy thought I was nuts.

A 60/40 split, with an LMI of over $12,800 on $300,000, then he wanted full company records (standard for low doc I know) and a microscope with a bonus pair of rubber gloves for bend over and touch your toes finale.

Thanks again! :-)