[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

January 12, 2004 - 3:05 am

You need a GOOD excuse. Saying things were tight financially is not such a good story and the lender may worry that you cannot handle what you have now.

Another veriosn of the story could be that you moved interstate and mail got mixed up etc.

Its not so much that I need an excuse, as I feel being honest with them and telling them that selling my business and moving interstate to start a full time job was a better option. As this sort of thing is not a regular reason to miss a payment, my perfect payment history for over 2 years should be enough for them… [:p]

Lynn, I know how you feel.. maybe I should meet your bank manager and buy him a bottle of red haha

I think I have enough info now, thanks for your input guys! Ill let u know the progress…

Luke [^]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

January 11, 2004 - 2:17 pm

The payment was late as I had sold my business, paid out all associated debts, and financed my move over to Sydney which was a very tight time for me financially… looking back, I would have done things differently!

The fees associated with letting out the property, advertising etc were much more than expected and I had obviously not calculated this properly…

Along with this, I had to wait 4 weeks after getting to Sydney to get my first paycheque which was very much needed by then!

Waiting to hear back from the broker this week to see if there are any other options… I knew the banks were strict but hey, im sure there is another lender out there that wants my business!!!

At least on here people understand how frustrating it is dealing with lenders sometimes! Cant wait for the day when they ring ME to see if I want to borrow any more capital[:p]

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

January 11, 2004 - 11:34 am

very true.. thanks Mel

I have pm’d a mortgage broker on here for advice… see how we go! [:o)] I will keep my fingers and everything else crossed for now…

[BonbeachParticipant@bonbeachJoin Date: 2004Post Count: 214]

January 11, 2004 - 11:10 am

yes, how did u guess? haha

(Long story… at 23 I should be driving a Commodore that cost $5k or so, but Ive learnt from that little mistake and have decided to keep it instead of selling and losing 20k!)

ANYWAY…
As for selling the Perth property, if $10000 is your deposit, thats fine… Ill accept the other 290k on a “special” 30 day settlement term

I strongly agree with the “buy and KEEP” principle, and unless I have made a very very poor investment decision, do not intend on selling a property after purchasing it.

As for the lender, I have a mortgage broker and I have used this person twice before who also invests in property, and also knows my accountant and he, too, invests in property. She has advised me that I may have to wait another 6 months till I have perfect repayments again… Im too impatient for that!

[^]