National bank has no idea what’s going on in Moranbah

This is the reason the NAB did a backflip and told us this is the reason:

“Lending manager in the Sydney office has done some research and seems to think that, there will be thousands of houses to be built in a town that is land locked.”

Reason from local broker: pension income won’t touch us

Reason from: CBA do not count Pension Income

Our credit score is excellent we have just ou PPOR which we owe 130k on worth aprrox $347000 though NAB also seem to think this is only worth 285k which we also disagree with as it would costs approx $347000+ in todays terms.

We also have a 14k unsecured loan which was for our car

I think it’s my Wifes carer’s pension they are not counting as myself and my daughter are both on DSP

anyway doesn’t matter markets finally starting to move after years where we are so will get out our money and reacess

CBA used to count disability income they do not anymore I have done a dozen deals with CBA they changed there terms at the start of this year and will not lend to anyone on pension income and lost a lot of customers we were one of them.

Not sure about the credit score and NAB obviously take pension income we talked to cba and moved to NAB becuase according to CBA they no longer lend to disability pensioners, and told us to pretty much get a job or we don’t want to know you if I could get a job I bloody would they don’t give out DSP to just anyone as people seem to think.

I have another valuation which shows 302k however the main sticking point was the lender is worried they we won’t be able to re lease the property in 2 years time,302k was done back in July and there 285k val was done n June, for another property we looked at.

I would hazard a guess this was there excuse so they didn’t have to lend to pensioners and even when all banks supposedly lent to pensioners “ANZ never did”

You loose I think it was around 30k of your lending capacity because your on a pension exact same income in paid employment and you can get 30k more now if you think about it logically which one is more secure the person that has been in a job for 3months has to drive to work everyday and workers smoke drink etc the same if not more then pensioners “I do neither so that’s another myth”.

That can be sacked tomorrow or the person who is trying to raise a family knows how to budget as they have gone from being employed to disabled so you learn to budget quick smart.

or the young bloke that has no kids that has been employed for at least 3months and really doesn’t have the I have to pay my bills or go back to mum and dads when your 30+ with a wife and kids this isn’t an option, not to mention you can be sacked Tommorrow

after purchasing the property we were going to purchase for the cost of 699k that comes with a 2 year lease to a company

our income would be at least $104000 our equity even taking the low end value at 285k is 228k although I would love to know who they think can build a 190square meter home with all the upgrades for this on a block that cost a minimum of 135k,
for under 300k.

anyway enough venting I’ll post here in 6months once we have got rid of this dog property and moved forward I was really hoping to be able to do something on dsp and write a book on this as there is no information as how to invest if your disabled plenty if your on single parents etc but most of these lead to one thing get a job first this isn’t a option so we will use our cash to buy an income some how or do a flip or 2 with cash.