Just rang the bank about topping up my home loan and also consolidating my personal loans onto the home loan.
They state that because I have been behind 4 times in the last year, I need a full 12 months clear before they will do it.
I find this strange because I have always been ahead on my home loan but because its a fixed interest rate, I have to make the payments monthly.
I am $1800 in front on my home loan, but they reckon I have been behind? go figure, very confusing.
So, where to next? my personal loans and home loan will come to around $41,000, I need $10,000 for investment property.
I cannot wait 12 months to get involved with this investment property.
I have proven that I can service the loan but, they don’t want to help me.
Where to now?
To me it would be simple …. refinance with someone else.
Obviously this finance provider does not value your business.
By being ahead you can show others that you pay on time and can afford the loans.
Maybe check your credit history as well, someone may have put a black mark against you incorrectly.
wejons1
Hi Rags2Riches
I agree with wejons1, If your lender is holding you back with regards to your investment strategy, then take your business elsewhere,
I would also suggest obtaining a copy of your credit file; it’s free and very handy to have,
Here is a link to Baycorp Advantage with further information.
http://www.mycreditfile.com.auRegards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
This has happened to a few of my clients – in essence, a computer glitch/funds transfer stuffup/something similar occurs, and your repayment isn’t deducted on the due date – hey presto! you’re in arrears. Their computer does not retry until the due date next month, and then only takes the scheduled payment, you’re still behind, and their system notes you’re a payment behind AGAIN this month. And so on.
Another possibility is that although you are $1800 ahead in payments, their computer cannot/will not utilize that money for a repayment because it only has instructions to take the money out of your nominated account. If it’s not there on the due date – you’re in arrears..
Depending on your arrangements and loan type, could be either – if you are sure the fault is not yours, ie your repayments were on time, call your broker or visit your lender and raise hell ’til the reason is identified and it’s fixed
ie late payment history has been wiped. Do this before considering refinancing if everything else (loan type/rate/service/etc) is ok – a lot of lenders will shy away from those with late payment history on their statements.PS If I’m going on a bit, it’s ’cause I’ve had it with lenders’ penalizing their (and my) customers’ for the the lenders mistakes!
theloanarranger
Because I had a fixed interest rate, they say I had to make the payments each month regardless if I were in front or not, because they say I missed a few payments they say I were in arrears.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
