Hi all,
My name is John and I am currently working in China (employed by an international real estate company which is listed in Singapore). My question is that I have already been conditionally approved by AMP for loan facility of AUD600,000 since June this year. I have already identified a potential investment opportunity but I cannot proceed further because AMP is yet to get back to my mortgage broker on unconditional approval. My broker has been very diligent and been chasing AMP’s customer service hotline and the responsible BDM but no reply has been heard so far. I am running out of time to close the potential investment opportunity so I am asking for options on how to proceed further:
1) Look for another bank but I don’t think any lender will be able to turn around in 2 weeks? As a side note, can anybody suggest which lender might be open to lend 80% LTV and accept an Australian working overseas and earning Chinese currency?
2) Look for short-term lender who might be able to provide finance (circa 250,000) for say a 3 months period and pray that AMP will be able to turn around in that timeframe?
I am open to all suggestions.
Cheers
John So
Committed property investor working overseas
Was able to get a couple of 90% lends approved quickly with ANZ for a client working in Afghanistan recently.
If you have a power of attorney in Aus, that will speed things up a lot.
AMP have reasonably quick turnarounds at present – do you know why they're taking so long on your file?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Does your client in Afghanistan earns AUD or USD, that would makes it very easy for ANZ because they are comfortable with the currency, however, the issue i think is that most Australian lenders are not comfortable with Chinese currency. That's my feeling.
2) I have been chasing for what's causing the delays in AMP but no replies yet from AMP.
3) I have two existing loans, one with ANZ and one with NAB (both are investment properties). Do you think its worth my while trying to get my mortgage broker to get in touch with the BDM in those banks, maybe it might expedite the process? Thanks
4) When I get power of attorney, you mean i authorize the person to sign the loan documents on my behalf only after I have reviewed them?
Thanks for your help.
Cheers
John
Hi Jamie,
Does your client in Afghanistan earns AUD or USD, that would makes it very easy for ANZ because they are comfortable with the currency, however, the issue i think is that most Australian lenders are not comfortable with Chinese currency. That's my feeling.
2) I have been chasing for what's causing the delays in AMP but no replies yet from AMP.
3) I have two existing loans, one with ANZ and one with NAB (both are investment properties). Do you think its worth my while trying to get my mortgage broker to get in touch with the BDM in those banks, maybe it might expedite the process? Thanks
4) When I get power of attorney, you mean i authorize the person to sign the loan documents on my behalf only after I have reviewed them?
Thanks for your help.
Cheers
John
Hi John
The first thing you should do is find out why AMP are taking so long – this will help to determine whether the issue would present with other lenders as well.
Your broker should be able to find this out by putting a quick call into the helpdesk and asking to speak with the assessor assigned to your file.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jamie,
Thanks for your response.
Maybe it is because AMP current lending policy is that any citizen that is not residing in Australia must have signed a Power of Attorney and provided a copy to the Bank before the application can be considered.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
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