Today the stupid people at GE mortgage Insurer changed their condition again. While last week they said they cant give a Interest Only Loan with a 90% loan( as they said in the brochure), they gave me option of getting a Interest Only Variable, or get a 80% loan, or go P/I Loan. I dont understand why they dont even know what the can or cannot provide, and keep changing what they say.
So i said ok, i chose Interest Only Variable at a lower int rate. Now those bastards are saying, “we(GE) can give unconditional approval if you choose P/I only. And the mortgage broker and lender was like trying to shove this P/I loan into my face, and said i need to give them a yes/no answer on the phone. At that point i told them to get lost.
All these while of saying “we are processing your loan” and “Oh yes, sure, you can get this loan at 90% interest only, no probs, i have double checked, with the lender .” are just bull and time wasting.
My setllement is on 1st July.
Is there still time to ask a loan from my dad for the other 10%, and get a 80% loan?DO you guys have any good recomendation which lender i should go to get a Interest Only Loan at Fixed Rate for 5 years, from a bank that will give loan for outer suburban areas like Morewell and Churchill?
Fullout
Sounds like you’ve been right royally stuffed around. You’re welcome to call me in the morning at my office and I’ll try and help with advice.The problem is that you’re closing fast on the setllement date and most lenders at present are not exactly fast! GE also figure with many lenders as one of the other major mortgage insurers pulled the pin on lending about 2 months ago.
My contact is 02 49529910.
Ozbroker,
are u based in NSW? I am in Melbourne, thanks for your offering to help. I very much appreciate it.So today, i told HOmeside to proceed with the approval, but i am just leaving it there as an option in case i cant get any other loan. In the meantime, i am trying to get a 80% loan instead, (without stupid GE insurer). DO u think Homeside will consider another application from me?
Or should i straight out try another lender.The next three days are a pain in the tail in trying to get to someone who can give a straight answer as the majority of the lender representatives are at the MIAA’s (Mortgage Industry Association of Autralia) conference in Melbourne.
Would it help if I told you which hole and golf course they’ll be on Wednesday morning?
Seriously though, Homeside would consider another app from you, though may take time to process it.. What is in your favour is that they have all of the details, and on an 80% lend should be able to turn it around pretty quickly.
My personal office is in Newcastle, though like any brokers who’ve been in the industry for some time, we have clients Australia wide, and overseas.
I find it disturbing that you’re getting different signals from the broker, lender and mortgage insurer.
If you feel you hitting a wall give me a call and I’ll call someone inside Homeside..
The topic ‘help! (tired of Ins Co and Brokers)’ is closed to new replies.
