If the above happens, we immediately go OMG, what now?
This is where a good Mortgage Broker is very worthwhile.
I am not meaning they have declined you because you can’t afford it, but not accepted your proposal at your terms.
The banking industry changes on a daily basis. It has been like it for years, so we should be used to it.
Recently our clients existing bank refused to fund a 4 bedroom complex to be built at 80% LVR quoting that it was a commercial deal, and they would only lend to 50%LVR.
Our Mortgage Broker quietly put it to two other banks, and both said yes to 80% lending, so our client could choose. The bank also threw in $3,500 to go towards legals, thanks to our Mortgage Broker’s suggestion.
Is our client happy?