How to get a personal for the deposit of a house

It's a terrible idea to borrow money to borrow money. If money is a problem have you looked at refinancing to free up some equity or had a look at a joint venture or Vendor Financing? 

Only aware of 2 lenders that will:

1) Allow a personal loan to be the source of deposit and good luck getting an approval above 90% thru them.

And not aware of any lender that will:

1) Approve a personal loan where the intended purpose is for house deposit. To state another reason and then use for deposit is of course fraud as the purpose clearly needs to be defined from the outset.

With the new Privacy Laws taking affect from today many a client will be caught on non disclosure going forward.

Cheers

Yours in Finance

Some years ago I applied to the CBA for a personal loan (40k). because I was self employed it became a paper war trying to get a simple loan across the line. After two weeks of shuffling papers I gave up. I then simply went on line and applied for the same loan under my wifes name. Walked down the bank and collected it 2 days later no questions asked.

The reality is banks don't give a flying fig what you use loans for. They have one priority and one priority only … sell credit. The terms and conditions are there to keep regulators happy and at least give the appearance they are responsible lenders. Your average front line banking staff is heavily incentivised to sell sell sell. I worked with a bank manager who got out of the game simply because the constant pressure to sell and cross sell to meet targets had simply worn him down over the years to the point his ethical compass was literally broken. He found himself working out side his comfort zone and pressuring his staff to do the same all to meet head office targets.

While banks down under are more responsible than their European and American cousins by a long shot they're definitely not the good guys many people think they are. Retail lending is a public duty for banks. They make their real money in the corporate world, HFT and dark pool trading and other questionable activities.

Jamie I agree with you comments entirely but am a little unsure as to the difference between borrowing money via a personal loan and tapping into equity within a property as this will increase the loan amount which is effectively borrowing money isn't it?

Cheers

aslon as it services it sholdnt bea problem , it is not uncommon for people with high incomes to live” well” so they usually have no problem showing servicing , especially when rates are as low as they are and there a nuer of products n th eno genuine savings category.