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Mortgages....again!

Mortgages....again!

Old Mar 5th 2007, 12:30 am
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Default Mortgages....again!

We applied for a mortgage over two weeks ago with The Rock bank in Queensland. All going great, mortgage approved subject to valuation, valuation done - no problems there, then this morning they've turned us down!!

Apparantly the guys that insure them for mortgages of more than 80% won't insure us because we haven't been in Australia for 12 months

I'm now sat biting my nails, because this means that the guy selling me a house can pull out of the contract.

So moral of this story is DON'T ask The Rock bank for a mortgage, unless you have more than 20% deposit or have lived here for more than 12 months!.
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Old Mar 5th 2007, 12:40 am
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Default Re: Mortgages....again!

Hi Wendy

Sorry to hear about your mortgage.

We have been approved twice by the Commonwealth here in Adelaide.

Both occasions we were approved for up to a 95% mortgage.

The first occasions was after I had only been in work for 3 days although Sara had been in work for 6-8 weeks.

We had only been here since last July.

We have just recently been approved again as we are now building a new home and we were approved for more this time and still with up to 95%.

Hope you manage to get things sorted.

Graham
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Old Mar 5th 2007, 12:44 am
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Default Re: Mortgages....again!

Originally Posted by Gravyman
Hi Wendy

Sorry to hear about your mortgage.

We have been approved twice by the Commonwealth here in Adelaide.

Both occasions we were approved for up to a 95% mortgage.

The first occasions was after I had only been in work for 3 days although Sara had been in work for 6-8 weeks.

We had only been here since last July.

We have just recently been approved again as we are now building a new home and we were approved for more this time and still with up to 95%.

Hope you manage to get things sorted.

Graham

Thanks for that Graham. I will try them next, if our new application is turned down. We've been assured that the insurance company will insure us this time (we've applied to ING as we have our savings with them) and the bank is 99.99% sure that we will be approved by Friday, so fingers crossed!
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Old Mar 5th 2007, 12:48 am
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Default Re: Mortgages....again!

Fingers crossed for you Wendy.

Where abouts are you buying.

We've bought some land at The Waves down at Seaford Rise.

Graham
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Old Mar 5th 2007, 12:52 am
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Default Re: Mortgages....again!

Originally Posted by Wendy
We applied for a mortgage over two weeks ago with The Rock bank in Queensland. All going great, mortgage approved subject to valuation, valuation done - no problems there, then this morning they've turned us down!!

Apparantly the guys that insure them for mortgages of more than 80% won't insure us because we haven't been in Australia for 12 months

I'm now sat biting my nails, because this means that the guy selling me a house can pull out of the contract.

So moral of this story is DON'T ask The Rock bank for a mortgage, unless you have more than 20% deposit or have lived here for more than 12 months!.
sorry to hear that Wendy !
thankfully we didnt have any dramas with our home loan, we just went through the bank where we have our accounts and got it approved fairly quickly. Fingers crossed you get it sorted out ok with ING, im sure you'll be fine this time
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Old Mar 5th 2007, 12:54 am
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Default Re: Mortgages....again!

Originally Posted by Gravyman
Fingers crossed for you Wendy.

Where abouts are you buying.

We've bought some land at The Waves down at Seaford Rise.

Graham

We've seen a house at Para Hills (Just up near Parafield Airport), so hopefully we're buying that.

I love Seaford, it's lovely down there. We need to be up North for OH's work though, so have to stick to the Northern Suburbs.
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Old Mar 5th 2007, 12:57 am
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Default Re: Mortgages....again!

Originally Posted by Fiona&malc
sorry to hear that Wendy !
thankfully we didnt have any dramas with our home loan, we just went through the bank where we have our accounts and got it approved fairly quickly. Fingers crossed you get it sorted out ok with ING, im sure you'll be fine this time

I hope so. I haven't got much faith in the banks just now though

You would think that the first thing they would do is to make sure we were approved fully wouldn't you Instead they've just wasted nearly three weeks of our time, at least we don't have to pay for the valuation though
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Old Mar 5th 2007, 3:16 am
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Default Re: Mortgages....again!

Originally Posted by Wendy
We applied for a mortgage over two weeks ago with The Rock bank in Queensland. All going great, mortgage approved subject to valuation, valuation done - no problems there, then this morning they've turned us down!!

Apparantly the guys that insure them for mortgages of more than 80% won't insure us because we haven't been in Australia for 12 months

I'm now sat biting my nails, because this means that the guy selling me a house can pull out of the contract.

So moral of this story is DON'T ask The Rock bank for a mortgage, unless you have more than 20% deposit or have lived here for more than 12 months!.
Fingers crossed Wendy. Got ours through ANZ (banked with them but that was coincidence). We had 20% but had to go through FIRB over the xmas period which was painfully slow. Got it all done through Aussie mortgage brokers who were excellent.. Dont know if this helps but hoping all goes well.
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Old Mar 5th 2007, 3:39 am
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Default Re: Mortgages....again!

Originally Posted by Wendy
We applied for a mortgage over two weeks ago with The Rock bank in Queensland. All going great, mortgage approved subject to valuation, valuation done - no problems there, then this morning they've turned us down!!

Apparantly the guys that insure them for mortgages of more than 80% won't insure us because we haven't been in Australia for 12 months

I'm now sat biting my nails, because this means that the guy selling me a house can pull out of the contract.

So moral of this story is DON'T ask The Rock bank for a mortgage, unless you have more than 20% deposit or have lived here for more than 12 months!.
good luck with it all Wendy, fingers crossed for you.

Lisa.x
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Old Mar 5th 2007, 4:42 am
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Default Re: Mortgages....again!

Originally Posted by framac
Fingers crossed Wendy. Got ours through ANZ (banked with them but that was coincidence). We had 20% but had to go through FIRB over the xmas period which was painfully slow. Got it all done through Aussie mortgage brokers who were excellent.. Dont know if this helps but hoping all goes well.
Yes we bank with ANZ as well. Was thinking of maybe seeing the Manager if we don't hear anything this week. We're going through a broker as well, he seems OK but there's something niggling me about him....

Originally Posted by oliverandlisa
good luck with it all Wendy, fingers crossed for you.

Lisa.x

Thanks Lisa
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Old Mar 5th 2007, 6:45 am
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Default Re: Mortgages....again!

Wendy, our mortgage with Westpac was approved and we've been here less than you have... Don't get too stressed... just go with someone else. It shouldn't take long to get sorted.
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Old Mar 5th 2007, 7:04 am
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Default Re: Mortgages....again!

Originally Posted by Wendy
Yes we bank with ANZ as well. Was thinking of maybe seeing the Manager if we don't hear anything this week. We're going through a broker as well, he seems OK but there's something niggling me about him....




Thanks Lisa
Bin him Wendy. Its your money remember and if your not comfy get shot.
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Old Mar 5th 2007, 7:06 am
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Default Re: Mortgages....again!

Originally Posted by framac
Bin him Wendy. Its your money remember and if your not comfy get shot.
Sorry to hear that Wendy. Best of luck securing a mortgage elsewhere. I'm sure you will.
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Old Mar 5th 2007, 7:56 am
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Default Re: Mortgages....again!

Originally Posted by iPom
Wendy, our mortgage with Westpac was approved and we've been here less than you have... Don't get too stressed... just go with someone else. It shouldn't take long to get sorted.
It's more that they took so long to tell us that's annoying me. We only have 25 days to completion With a public holiday in there we only have another 17 working days to get it all sorted!


Originally Posted by framac
Bin him Wendy. Its your money remember and if your not comfy get shot.
At least I don't have to pay the brokers, good job really cos he would be waiting quite a while for it

Originally Posted by gidxg03
Sorry to hear that Wendy. Best of luck securing a mortgage elsewhere. I'm sure you will.
I hope so.

Thanks all
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