I have just had the most disgraceful encounter with Suncorp that I just have to warn the unwary about. I decided it was time to buy my first PPR after a long time out of the game. I have $40,000 to utilize as deposit and legals ect. So, I was approached by Suncorp a week ago asking if I was interested in a home loan. Of course, I said yes I would like a pre-approval certificate. Over the next week I was given a borrowing figure of $350,000 which quickly dropped to $290,000 because I salary sacrifice a vehicle through my employer.
Then yesterday I was told it was now $270,000 because of my age. I am 43 so they assumed that I will retire at 65 so the loan would only be over 22 years. And the final humiliation, today it drops to $248,000 because of the economic climate. But they are Okay with me banking my $40,000, insuring with them for the past 13 years and using their online trading facility.
Lessons – If you want to buy don't salary sacrifice because they take the whole amount into their calculation and not their guestimated figure and secondly don't get old. Buy young.
Phew. Thanks for letting me vent.
That is unusual about the age discrimination. CBA used to try that too. Just go to another lender and probably better to use a broker.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
I wonder who is in charge of the Country – The Govt or the Banks????
It seems that the banks do what they want and when they want!
scullyman
Lesson
Do not rely on one banks version of reality
Do as my wife does when she goes shopping – look at many shops and compare prices and policies
Lesson two
Look else where as lending policies differ between lenders and do not authorise any lender to access your credit record until the loan has been approved !PosEnterprises wrote:I wonder who is in charge of the Country – The Govt or the Banks????
It seems that the banks do what they want and when they want!
Well, here is a debate.
Where are you HB?Govt deregulated the banking industry some time ago now. The idea was that less regulation stimulates greater competition, delivering better and cheaper products and services. Also, less regulation might encourage further private investment in the Australian financial services sector. Look how much better things are now……
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