Hi Everyone,
Just wondering if anyone knows any good mortgage brokers in Sydney (happy to travel anywhere within the Sydney area).
My situation is that are looking to purchase a property and our broker has submitted our application to Macquarie however the bank said that due to our age (I am 59 and my husband is 62) we are both working and our incomes are very high. The broker said that our loan was declined due to our age and our exit strategy wasn't adequate even though we have sufficient assets.
Susan
Hi Susan
What was the loan amount and purchase price of the property?
Was the property an owner occupied purchase or an investment?
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Jaime,
The loan amount is 880,000 and the purchase is $1,200,000 and its an investment property.
Hi Susan,
We deal with these scenarios all the time and had a loan approved for a member in Coogee recently.
If the property is an investment property and meet all the other conditions of the loan (i.e. servicing, employment, property type, etc) I would suggest you either:
1. Go to Westpac directly or
2. Tell you broker that Westpac has a no age policy on investment properties.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Hi Shain,
That's great news. Are there any other lenders that offer this or is it just Westpac?
When you say servicing – what does this mean? Also the property is a semi so will this be an issue? I think we are picking up a bargain and its located next the the house we live in and we didn't have any issues with our house. How can we check this?Also are you based in Sydney if so are we able to organise a time to discuss the application?
Apologies for all the questions.
Regards
Susan
Hi Susan
This looks ok to me – the property type as well.
Can't see why it couldn't be done.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone MeMortgage Broker assisting clients Australia wide Email: [email protected]
Hi Susan,
I have received and responded to your email. There are 2 other lenders that have that policy – I normally use Westpac for these types of scenarios as they tick a lot of boxes whereas the other 2 don't (Admittedly one of the other lender is not available via the 3rd party channel).
Semi is not an issue but there are half a dozen aspects that are considered when a valuation is completed so we can order an upfront valuation to ensure everything is fine with the security before any further steps.
Regards
Shahin
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
susank wrote:Hi Everyone,Just wondering if anyone knows any good mortgage brokers in Sydney (happy to travel anywhere within the Sydney area).
My situation is that are looking to purchase a property and our broker has submitted our application to Macquarie however the bank said that due to our age (I am 59 and my husband is 62) we are both working and our incomes are very high. The broker said that our loan was declined due to our age and our exit strategy wasn't adequate even though we have sufficient assets.
Susan
That's very unusual. Selling the property is an acceptable exit strategy under responsible lending rules for an investment property. If you want to PM me details I'd be happy to get the head of Macquarie Mortgages to have a look at your application, the reason given does not sound valid and you may be able to get it turned around if you really want to use that lender. This sort of thing does seem to pop up with loans for PPOR's as sale is not a valid exit strategy, in that case, but it is usually possible to get around that as well.
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