Hi All,
I wanted to know with bank policies how many there is in relation to residential property lending. etc bank A. has a serviceability policy & a income verification policy.
thats 2 policies. how many are there just for resi home loans?
also is there anyway for a consumer to be able to read policies or would one have to sign up to be a broker to be able to read policy?
thanks, Huilo
Hi Hullo
No hate to say as a consumer a lender will not publish a copy of their Credit Policy which sets out all of the internal lending parametres.
Each lender has it’s own policy so there is no 1 lender fits all.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Different lenders have different niche policies – and these are updated frequently.
Most brokers struggle to keep up with policy – so I wouldn’t expect consumers to know the ins and outs.
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]
Would a broker be aloud to give his client a copy of a certain policy if the client asked for it? i assume not but was curious.
Cheers for the feed back!
Would a broker be aloud to give his client a copy of a certain policy if the client asked for it? i assume not but was curious.
I can’t speak for all brokers – but part of our role is explaining to clients why certain niche policies may fit their particular needs. So yes – of course that information is divulged. However – handing over a 100 page policy document that encompasses ALL of a banks internal policies would be out of line (I assume that’s the info you’re after).
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]
Totally agree with Jamie.
Usually a matter of a client explaining what he wants to achieve and us providing advice why the recommendation suits his requirements.
Trouble is in the current climate what you give a client on a Friday might change on the Monday.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
i see this is what i thought, All good.
thanks for the speedy replies!
No, this would be a breach of their agreement with the lender.
Also the policies are sometimes in one PDF, but more commonly now days on various pages on the internet (internal site) so are unable to be saved or print out en mass.
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
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