madeinitalyMember@madeinitalyJoin Date: 2007Post Count: 47
I have applied for a standard variable preapproval loan with mortgagebuster, excellent product. The loan is quite small mid 100k. I was rejected because I have been in my current employment for less than 6 months even though I have more than 100k in cash and earn approx 3k gross per fortnight.
Is this a common thing?
AndyRichard TaylorParticipant@qlds007Join Date: 2003Post Count: 12,018
Yes many of the securitised lenders have minimum length employment requirements.
You may find this is common place with the smaller fringe lenders.MortgagemanParticipant@mortgagemanJoin Date: 2004Post Count: 164
Hi Andy, As Richard said this is common for securitized lenders. Take it to a bank, avoid the mortgage insurer and you will get it approved easily with that sort of deposit.
Perry Financial Strategies
Level 13, 30 Collins St
Melbourne VIC 3000
Ph (03) 9662 1999
Fax (03) 9662 2044madeinitalyMember@madeinitalyJoin Date: 2007Post Count: 47
I got a phone call from the Rate buster guy. He said he was ready to negotiate if I was happy to wait for two months. I said no thanks then I explained him my financial position and that many other companies would be happy to waive the time rule. Guess what…
He apologised and said that he was happy to send me my pre-approval as soon as i finish my documentation.
Interesting isn't it?