Why Not All Banks Are the Same; They Won’t Just Lend to Anybody

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Pretty much any mortgage broker I have met wants to do the right thing by the client.

But the ‘best’ solution for a client is not necessarily the cheapest.

Right now, AMP is very aggressive with its owner occupied rates –having offered 4.08 per cent.  What happens in these circumstances is that the banks are then inundated with applications.  You may get a low rate, but you also risk a delayed approval – is that what you want?

And while there are lots of examples of banks being ultra-competitive, there are times when they simply don’t want the business; you approaching the wrong bank could be a waste of your time.

For example:

  • ANZ won’t lend to Self-Managed Superannuation Funds
  • NAB won’t lend against properties which have Community Title
  • Westpac has developments and postcodes that are pretty-much no-go areas

Mortgage brokers want to do the right thing by the client, by contacting them about your finance needs you can avoid a lot of stress.

If you need any assistance, general advice or a second opinion, please don’t hesitate to get in touch or leave a comment below.

 

Doug Daniell
Director, Chan & Naylor Finance

Doug Daniell - Chan & Naylor Finance

Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs. 

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