O.K. I’ll post my complaint anyway & try to keep it brief!!!!!
Has anyone else had as much trouble as I am having with ING Bank? Talk about work against you not with or for you!!!
Have PPOR-ING Bank LOC with $154k equity.My name only.
Have I.P.#1-ING Bank LOC with $74k equity.My name only.
Have another I.P. with AXA(recently purchased) about $8k equity both myself & my partners names.
Want to do a quick reno,our Mortgage Broker (well trusted)received verbal approval from ING for the go ahead of using our equity to borrow $145k.1hr before close of bank on the day our finance was to be officially approved & our 5% remainder of the deposit just paid ING renegged on the offer. My partner works for my dad & even though they had the letter to state this they wouldn’t even ring to check his employment and have said straight out NO. We have excellent credit rating & nothing to hide. I am furious.
Tonite I will go home and read Mortg. Docs & see how much break fees will cost to refinance elsewhere. The vendor has agreed to extend us another 14days for finance as I am quite confident of getting another loan, but my question now is should I stick to our Mortgage Broker whom I do have faith in or should I not put all eggs in one basket & some of you advanced fellow investors can come back with a much needed solution.
Thanks for listening. Signed “FURIOUS”Hi Susie,
Your mortgage broker should be able to give you a clear answer on the specifics of why you were told no. This is important if you are still seeking finance. If your husband works for your Dad he should be able to provide legitimate documentation to prove his income level (payslips) and possibly group certificates to show duration of employment. Alternatively, if he is self employed, his tax returns will be needed. A letter from your Dad alone would be insufficient evidence for proof of income. (I am assuming that you are not looking at a low doc loan).
On the matter of income checks, usually they are done fairly earily in the process. I find it strange that a loan would be declined at the last minute for income verification details after an underwriter has had a look at the loan and given it verbal approval. Stranger things have happened though.
Ing haven’t got a bad reputation -but they tend to be slow with self employed applicants or very large loan sizes. Also be warned that if you are refinancing from them they tend to drag their heels.
Good luck with your purchase.
Cheers and happy investing,
Nathan.
Morning, & thanks Nathan. Here’s ING excuse in a nutshell.
ING knocked us back on a loan applic. last year as my partner used to be a Chef & they said they wouldn’t accept him as he is a “seasonal worker”.
Now he has only worked for my dad full time for 6months. Now they say-& I quote” we smell a fish” even though we have his letter of employ & pay slips but too early for group cert. and they say that my wage alone can’t substantiate another loan so their answer was blatantly NO.
Now you see why I don’t want to be with them anymore. Spoke to another Broker last nite, he says ING are great for PPOR but when it comes to wanting $$$$ for more investments they are just too hard.
Anyway, we have another 14 days to work with so will keep all up to date on the solution.
Have a good day Nathan. Thanks.Sue.Hey Susie,
keep on looking as there is a solution out there you just have to open the door yet. Sounds like you have the right atitude though you have not let it get you down. Keep on kicking….Enjoy
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