We are currently looking for a Home Loan. Could anyone suggest any financial institutions that are willing to lend out more than the others? Have you found that some will lend a much larger sum to you? Only spoken with two banks that have given us a lower figure than we would like. Appreciate some feedback. Thank you!
Trying to Obtain a Higher Loan Amount
Juicyoo on 05/10/2019 - 08:29
Comments
Use a broker. They may know ways to get what you want.
Use a broker.
+1 to this.
A broker will know the 'right' way to fill out forms & what to put down in answers to questions. They will also be able to negotiate hard, on your behalf, with financial institutions.
I reccomend comparing borrowing power calculators on the banks websites. Not 100% accurate but will act as a guide.
Otherwise you could always see Tony at the track this weekend.
If they’re not willing to lend you what you want, you probably shouldn’t be buying a house at that price.
Have a look at Liberty Financial. They are pretty much the only low doc lender out there, so do lend more than what other lenders. However, they also charge higher interest rates than others… Higher risk, higher rate.
Yep read the fine print regarding this lender:
Liberty is not a bank. The offset facility on your loan account is not covered by any Government guarantee.
Hence the high risk you refer to.
I work for a financial institution and closely in this field.
Banks are hungry for profit, they want to lend you as much as possible.
If the Banks are telling you you can't borrow more, it's a sign that you should not borrow more.
If their perception of risk exceeds their relentless drive for profits, you should stop and rethink your position.
From my recent experience i found the big 4 banks to be very conservative when it comes to lending.
Smaller Banks and even Finance Companies must be "hungrier" as the amounts they offered (in my experience) were always more than what the main 4 were offering.
As we know its all based on lending criteria and we ended up getting our home loan from a smaller lender which offered us a better rate and a larger amount.
its not all about " the bank says no so you cant afford more"
we can afford our loan comfortably yet we were repeatedly told "XXXX is the most we can lend you" by the usual suspects.
lend a much larger sum
What are you prepared to pay for that benefit? Higher rate, LMI, more security, etc.?
I’m going to look into my crystal ball, and I’m predicting in 6 months time, op will be posting asking for assistance with getting out of a home loan OR how can I make more money?
As Joe Hockey says: "get a good job that pays good money"
How much do you earn? How much do you want to borrow?
What do you mean by more than others?
Every institute have their own criteria including your credit ratings, savings, your ability to repay home loan, property valuation etc. I suggest you put bit more information if you expect any reasonable response here.