Mortgage Warning
Mar 1st 2005, 6:01 am
#1
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Thread Starter
Joined: Sep 2004
Location: Hunter Valley
Posts: 101
Mortgage Warning
Just thought we post a recent experience as a warning to folk. We have been house hunting in the hunter valley and having spotted a place we contacted a mortgage advisor – he scared us to death, telling us how difficult it was to get mortgages if you have not been here a year and told us he’d contacted many lenders who had all refused us. He suggested we should use an “alternative� lender (very high interest rate [4% above base rate]). We decided to check it out with the bank (Commonwealth); they gave us conditional approval in 20 mins and sorted all the paperwork out. We have been given an introductory rate (fixed for two years) and other gimmicky freebees.
Molly
Molly
Mar 1st 2005, 6:13 am
#2
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Joined: Jan 2005
Posts: 55
Re: Mortgage Warning
Originally Posted by sam&molly
Just thought we post a recent experience as a warning to folk. We have been house hunting in the hunter valley and having spotted a place we contacted a mortgage advisor – he scared us to death, telling us how difficult it was to get mortgages if you have not been here a year and told us he’d contacted many lenders who had all refused us. He suggested we should use an “alternative� lender (very high interest rate [4% above base rate]). We decided to check it out with the bank (Commonwealth); they gave us conditional approval in 20 mins and sorted all the paperwork out. We have been given an introductory rate (fixed for two years) and other gimmicky freebees.
Molly
Molly
Mar 1st 2005, 6:13 am
#3
Guest
Posts: n/a
Re: Mortgage Warning
Originally Posted by sam&molly
Just thought we post a recent experience as a warning to folk. We have been house hunting in the hunter valley and having spotted a place we contacted a mortgage advisor – he scared us to death, telling us how difficult it was to get mortgages if you have not been here a year and told us he’d contacted many lenders who had all refused us. He suggested we should use an “alternative� lender (very high interest rate [4% above base rate]). We decided to check it out with the bank (Commonwealth); they gave us conditional approval in 20 mins and sorted all the paperwork out. We have been given an introductory rate (fixed for two years) and other gimmicky freebees.
Molly
Molly
Mar 1st 2005, 6:13 am
#4
Banned
Joined: Jul 2003
Posts: 1,048
Re: Mortgage Warning
Originally Posted by sam&molly
Just thought we post a recent experience as a warning to folk. We have been house hunting in the hunter valley and having spotted a place we contacted a mortgage advisor – he scared us to death, telling us how difficult it was to get mortgages if you have not been here a year and told us he’d contacted many lenders who had all refused us. He suggested we should use an “alternative� lender (very high interest rate [4% above base rate]). We decided to check it out with the bank (Commonwealth); they gave us conditional approval in 20 mins and sorted all the paperwork out. We have been given an introductory rate (fixed for two years) and other gimmicky freebees.
Molly
Molly
Mar 1st 2005, 6:15 am
#5
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Posts: n/a
Re: Mortgage Warning
Originally Posted by optus
As it happens we have one coming round tonight for a chat, we were told by an estate agent that new rules made it hard for new immigrants to get a mortgage. Thanks for the heads-up on this.
We got a mortgage after living here 8 months and we're both on contract work
Mar 1st 2005, 7:39 am
#6
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Joined: Jan 2005
Posts: 529
Re: Mortgage Warning
Hi Molly
Noticed your post and whilst I cannot help with mortgages (am still in the UK), we are hoping to head to the Hunter Valley! Where abouts are you and how are you finding the place?
Regards
Nikki
Noticed your post and whilst I cannot help with mortgages (am still in the UK), we are hoping to head to the Hunter Valley! Where abouts are you and how are you finding the place?
Regards
Nikki
Mar 1st 2005, 8:13 am
#7
Retired
Joined: Apr 2004
Posts: 34,649
Re: Mortgage Warning
Originally Posted by optus
As it happens we have one coming round tonight for a chat, we were told by an estate agent that new rules made it hard for new immigrants to get a mortgage. Thanks for the heads-up on this.
If someone talks about 'new rules' ask them to explain precisely what 'new rules', and an official website where such 'new rules' are described.
Jeremy
Mar 1st 2005, 9:55 am
#8
Go dogs!
Joined: Oct 2003
Location: Sunny Sunbury, Victoria
Posts: 177
Re: Mortgage Warning
Originally Posted by sam&molly
Just thought we post a recent experience as a warning to folk. We have been house hunting in the hunter valley and having spotted a place we contacted a mortgage advisor – he scared us to death, telling us how difficult it was to get mortgages if you have not been here a year and told us he’d contacted many lenders who had all refused us. He suggested we should use an “alternative� lender (very high interest rate [4% above base rate]). We decided to check it out with the bank (Commonwealth); they gave us conditional approval in 20 mins and sorted all the paperwork out. We have been given an introductory rate (fixed for two years) and other gimmicky freebees.
Molly
Molly
My bank however, Westpac, told me I wouldn't get any sort of mortgage or finance as I didn't have an Australian credit history. Useless...
TBEB
