Hi all
Thanks to riffraff, richardo and all for last nights meeting! It was nice to meet up with some people from the forum.[
]I’m really looking forward to meeting again.[
]On another note, I’ve just got an offer for a new job (yet to accept) and I’m in the process of getting finance. I don’t want to present this to the banks yet as it may be viewed as unfavourable.
Is there a general rule of time before changing jobs once finance is approved?.
Cheers
Stout J.E
iron man
i work on don’t confuse the banks too much and only tell them definates, so if you havn’t made up your mind don’t tell them, personally if you have already put in an application and its approved don’t worry them.
regards westan
Hi
Thanks Westan. That makes sense.
“If it ain’t broke, don’t fix it”Cheers[
]Anto
Ironman, as you said in your last post “if it ain’t boke don’t fix it”. But also if the new job is in the same industry as the old there shouldn’t be a problem with letting the bank know.
I puchased a property last year, i lost my job while waiting for finance, at the same time i was going overseas on holiday, on knowing this i pressured the bank to bring forward the finance as i was going to be overseas at the time of the contracts being exchanged.
Several months latter i want to re-finance the IP having been in my new job only 3 months running my own company. No bank would touch me at the time as i had no tax returns for my company or myself for the last 3 years and only 3 months in the new job.
I called my business development manager and within 2 weeks the money was in my account.
Motto: As long as you have a good relationship with your lender they will bend the rules to accomadate their clients.
Chris
Hi ChrisB
I’m moving to another position in the same industry. So I will inform my bank. Thanks heaps
Cheers[
]Anto
Hi Ironman,
Supposedly banks have a rule that you have to be working full-time in your current job for 3 months, or if its casual for 1 year. We were recently approved finance with my wife on the contract who has been working on a casual basis for 8 months. Being a nurse, maybe they take your previous jobs into account as well, but they went against their rules!
Phil
A life lived in fear is a life half lived!
Mr Ironman
i once told a bank manager what my future plans were (just an idea at that stage), the bank nearly pulled out at the last minute leaving me in a very bad situation, i had to do some quick talking. Chris, sadly not all bank managers have the ability to understand common sense, you obviously have one. From now on i never lie but i don’t tell them too much it just confuses them.
regarsd westanGetting a loan is not too different to getting insurance… you still have a duty of disclosure. Reason being that the bank is watching the bit in the UCCC that says “..civil penalties up to $500,000 …” for failing to accurately assess serviceability prior to issuance of a contract.
hi kkowalsk
agree never lie but don’t need to tell them things that you may do in the future. the banks want to know the facts.
regards westan
The old saying what they don’t know can’t hurt them.
Westan i use a business development manager not a bank manager as he is able to approve loans upto $1M (not all at once)for me with out having to go through the chain of command.
Chris
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