No Bank loyalty anymore !!

I recommend you speak with a broker.

Not only will they save you a lot of legwork they can also 'assess' your situation to see whether or not borrowings are possible and, if borrowings are possible, can get your structure right moving forward.

I agree with Derek.

First thing any bank or financial institution will do is check your credit history. And the number of times you've applied for a loan and been rejected will show up on your credit record.

Commbank is incredibly conservative on their lending practises inhouse. However .. going through brokers you may find that commbank issued funds indirectly are actually easier to get.

Brokers are getting the opportunities to stick together much more difficult deals now as the loan competition is heating up. They are at a point where the 'good' brokers distinguish themselves from the pack.

But .. every application for credit is taken into consideration by banks and financial institutions when considering your application. So do it once or twice .. and do your application properly.

Depite your actions, most people are simply not loyal to their bank of financial institution. So it is of no wonder they are no longer loyal to us, it is disappointing but I guess that is just how things are.

It is strange, because you think showing loyalty might be a way of differentiating themselves from the other banks. But like you have shown, one bad experience and they are ready to just cut you loose, losing a significant amount of business in the process.

But just find a mortgage broker and shop around, you may not have a large deposit but with the income and past credit history you should be able to find suitable finance somewhere.

The question is this, has there ever been real bank loyalty?
For me personally, I use different banks for different reasons.

But i agree with Derek and xdrew, speak with a broker and see where you stand….

Also with certain banks they may just have certain credit polices they need to follow i guess.

Cheers good luck
and you will be in your feet agian

Also like alot of times in business you need to remind yourself that a business is made of people, and with a large corporation you may hit a roadblock simply by speaking to someone who is technically correct, but unhelpfull or lacking in knowledge about what they can do for you.

Try getting a meeting with a branch manager, if they are not helpful maybe try another branch.

Find the right person, thats the key.

The banks tend to switch and change in regards to their flexiblity with what they can do.

In my early years of investing i found the NAB very open .. very flexible and very willing to commit as long as I matched most of the criteria required. I have had dealings with them in the last 4 years and its really not the same bank.

CBA was always conservative .. no matter which branch i went to. In fact .. the most frustrating criteria with CBA was they would be all yes-men (remember how much i HATE yes-men) until they had me in their office .. writing up an application. Then they would start piling on extra constraints (cancel some CCards?) and offering me packages that were nothing like what i had actually wanted.

ANZ the last few years has been pushing for the business. However .. unlike the bigger two (CBA and NAB) ANZ doesnt have as much clout on the wholesale markets. A little worse on the rate .. but a little more flexible deal.

Westpac over the years? Clowns in a banksuit. Wouldnt know business if it walked in the door (several times) and asked for the business.

I can ONLY talk from personal experience .. and any people i have previously spoken to about their dealings.

However .. when you come into a deal .. bring more than enough security .. more than enough income .. start the deal because they are all affirmative .. and they come back with extinguishing my 190k of credit cards? Sorry .. my cards werent part of the deal .. they werent offered as part of the deal .. they ARE used by me on a regular basis and repaid, but they werent even considered because I had a borrowing position where i was only chasing less than 40% of the total value of the assets.

Yes .. i'm bringing my own situation into this. Simply because I have now done roughly the same thing with CBA about five times. And there has never been a person in ANY of the branches i've been to (i have dealt with eight separate branches) who has actually offered me a parity with what i actually asked for. In trying to organise me a deal .. they have offered to cancel my cards several times, tried to explain to me that i wasnt bringing enough income to the party (thats what effective tax planning is all about guys!) and then offered me a deal that really just reflected they were up for selling a package deal REGARDLESS of what I wanted.

If you feel that i'm making it a personal saga .. its not. Its an opportunity offered several times to a major bank .. and taken up with another one. The same deal .. the same statistics .. the same rents .. without a loss of my lines of credit or a shakedown of my total assets to produce a result. I'm sorry if that sounds personal or biased .. but thats what I want in the end. A bank that listens to me and produces a package to suit what my needs are.

Thats why my summary of CBA remains beyond my personal viewpoint and a warning to people as to why I continue to find difficulty with them as a bank.

I would appreciate if you have a series of better dealings you can relate to me. But as such .. that remains my story.

My guess is they must look upon it as a favorable sale, and the LMI underwriter has rejected it.