Home Loan Advice (Diff Situation)

usmanyousaf on 16/07/2015 - 23:53
Last edited 22/07/2015 - 00:03

Hello everyone,
I signed a contract for a house at 420k in Melbourne Nth suburbs. I have paid 10% to the vendor & have 5% in my bank account. In addition, I have stamp duty separately.
I had pre-approval from CBA for 400k on 15/06/2015. Lending Mgr mentioned that based on my income, I can grant you a loan for 420k+ as long as you deposit 15%.
However, later on 27/06/2015, the CBA policy changed and now with new policy,I can't even get 400k(counting 80% of overtime).

Now, I don't have 5% genuine savings but I managed to do 15% deposit(6% Parents gift) + 4% genuine savings + some other non genuine savings (not in my bank account).

I want to know if I can get any other better deals with lower interest rate from anywhere else.

Also, I am First Home Buyer, have a wife and 4 month old daughter.

Appreciate your comments/thoughts.

UPDATE.
Thanks folks for valuable time and sharing information.
With my limited research & after speaking with different lenders including ubank, loans.com.au and some others, i went to Bank of Melbourne which is offering me 4.19% with $100 evaluation fee and $350 discharge fee and rest nothing. I found it attractive and therefore submitted my application in the afternoon.
After reading everyone's opinions, i think i should have gone to broker. Hopefully, there should be no hickup and i shall be able to get it.

Thanks everyone once again and i shall keep u update once i get any further info

Hey guys,
Just letting you know that I have received a conditional approval letter from BOM. Lending Manager only asked for confirmation of Credit card from the bank. I have already cancelled the card and now waiting for it.

Financial

Comments

  • SpaceNinja on 17/07/2015 - 01:26
    +1

    Normally companies offering best interest rates have a very strict lending criteria e.g. ubank will require 20% deposit. So they may not be suitable in your situation.

  • jar-unit on 17/07/2015 - 08:01

    Speak to a good broker! Try Aaron from Ace Capital.

  • vroomkroom on 17/07/2015 - 08:39
    +4

    Go via a Mortgage Broker and it will save you the time. In my experience, the bank pays the broker for the business and I am assuming all the major banks more or less pay the same commission. In other words they were not biased and presented a whole lot of options. Certainly, depending on the situation they would recommend one bank/product which will be suitable for your situation. This was the reason, I wanted to go via a broker than walking into bank.And more importantly they will come to you outside business hours.

    • tomleonhart on 17/07/2015 - 09:53
      +1

      Broker here. Such kind words !

      So good to see people actually believe in what we do! :). Unlike what the media painted us out to be !!!

  • Maki on 17/07/2015 - 09:55

    Agree with the above, go with a broker and he will provide you with all the available options, obligation free.

  • tomleonhart on 17/07/2015 - 09:59

    OP, go to a broker. He/she will give you options that are available to you that your local bank manager won't tell you about.

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