LAST LOAN MARKET UPDATES 2017 - MERRY CHRISTMAS AND HAPPY NEW YEAR

Good day mate,

We have reached the last loan market updates for the year. 

Hoped you enjoyed reading my updates and hereby wishing you and your loved ones a MERRY CHRISTMAS AND A HAPPY NEW YEAR

" As the market changes from a seller's market to a buyer's market this year, it will definitely be interesting to see how the market will perform next year. That being said, A-grade properties across Australia and those price within first home owner buyer range are still very much in demand. As the loan market had been challenging this year, and will continue so next year, much focus has been on having qualified finance ready buyers making transactions."

NEWS BLOG

CASE STUDY 1

Client A & B got their unconditional approval in December after 3 months of looking for their first home. It was a challenging loan application as LVR was almost 90% for an AUD 1.5 million loan and the insurer had to be involved. Though client had a very strong financial situation, the application had to go through many stringent higher credit checks and the tight cooling off period did not help the situation. I had to follow up on a timely basis and ensure quick turnaround on my end as much as possible. The standard processing time with the banks/insurer cannot be avoided but at least the clients had 24/7 accessible communication with me. I am pleased to say client is awaiting for a great Christmas/New Year gift on settlement in mid January. 

CASE STUDY 2

Client Y & Z are looking into buying their second property in the north shore to prepare their young ones for school. They got their pre-approval from our company last year and it expired 6 months later. In April, I did a new pre-approval which expired 6 months later. I had advised the client not to do a new pre-approval if their situation will remain unchanged, as the extra credit application will affect their credit records. In October, client made an offer on a property in Cherrybrook borrowing about 70% LVR. The difficulty in this application was that client was a contractor who had unfortunately needed to change employer in September, and although she started the new role a week later, the application went up to higher credit requesting more documents and information. Client was anxious and wanted to change banks but I reassured them that plan B was definitely in place. Unconditional approval was given in early December and the settlement took place successfully on the 13th of December 2017, and client securing an awesome rate of 3.7% with a great bank.

CASE STUDY 3

Client C was introduced by a referral, and had purchased his first home, an off the plan unit in Canterbury. Client C was a relatively new migrant, had a great job and buying an owner occupied home. We had a preliminary meeting and client was happy for me to put through his loan with NAB. On the other hand, he had also inquired previously with his bank at ANZ. Due to OFI (Other financial institutions）debt, I had to advice client to pay down the liability or risk borrowing lesser. Apparently the banker had a "better solution" for the client and our application was put to a halt due to her advice being more attractive than mine, though I did hint it wouldn't be possible on their end as I had researched every possible structure the loan could happen in ANZ. A few weeks later, Client C came back to me as he felt the advise given to him earlier was inappropriate and will like to take up my offer to him. Lesson learnt: Honesty is the truth and it does not mean anyone over-promising will make a better and honest deal. Unconditional approval was given within 2 days of application and loan documents returned this Monday pending settlement on 15th January 2018. #happydays #beingprofessional #integrity #3.69%

Happy holidays and see you next year