All Topics / Help Needed! / rejected loan!

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  • Profile photo of madeinitalymadeinitaly
    Join Date: 2007
    Post 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?

    Profile photo of Richard TaylorRichard Taylor
    Join Date: 2003
    Post Count: 12,024

    Hi Andy

    Yes many of the securitised lenders have minimum length employment requirements.

    You may find this is common place with the smaller fringe lenders.

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    Email Me

    100% Investment Finance now available on selected properties. Email us for further information.

    Profile photo of MortgagemanMortgageman
    Join Date: 2004
    Post 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.     

    Kind Regards,

    Cameron Perry
    Perry Financial Strategies
    Level 13, 30 Collins St
    Melbourne VIC 3000
    Ph (03) 9662 1999
    Fax (03) 9662 2044

    Profile photo of madeinitalymadeinitaly
    Join Date: 2007
    Post Count: 47

    Hi guys,
    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?
    Thanks anyway

Viewing 4 posts - 1 through 4 (of 4 total)

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