I just came back from speaking with the bank. I’m planning to invest jointly with a friend and I ask what the bank would look for in terms of approving our loan. He said he would look at whether we could afford the loan if there was no rent. Is this right? I mean, my financial model takes into account 45 weeks of rent to factor in those weeks when the property is untenanted. Without the rent, I most proabably wouldn’t be able to afford the cash flow. Is it normal for the bank to look for that?PropertyGuruParticipant@propertyguruJoin Date: 2003Post Count: 1,502
Went to the NAB since I have everything with them… bad idea?SydneysiderMember@sydneysiderJoin Date: 2003Post Count: 3
Brokers usually have access to many lenders on their panels which include all major banks and lenders. Each bank has its own lending criteria, that is why brokers have their calculators on their computer and can check which banks will lend you money and how much.
<Trawling – Derek>
SydneysiderTerrywParticipant@terrywJoin Date: 2001Post Count: 16,213
Some banks are fairly inflexible – especially ones starting with N.
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