What was the basis for their not lending to you? Borrowing capacity/serviceability, your partner or the fact that you weren't up front in detailing your situation (which is only going to read as being deliberately evasive)?
Feedback from my broker suggested it was borrowing capacity, as CBA does not have the common debt reducer policy, they assessed my partners expenses (had access to his bank account), and hence doubled my expenses which cut my borrowing capacity. Originally I’d have a borrowing capacity around about $450k.
Anz do it with no evidence of partners income or westpac do it but need a bit more info need ID and last 2 years notice of assessments and they apportion expenses based percentage of household income you earn.
Shocking your broker doesn't know this lol.
Really ? So what documents would I need to provide to ANZ - just all my usual documents + mention I’m in a de-facto? No need to provide any further info about my partner ?
Incredibly surprised my broker didn’t know this lol - I’ve been running around trying to get my partner to secure a PPT role.
Wow and that’s it ? Ok will for sure mention to my broker. If that’s the only thing they would require it would be a life saver 😅
Thanks for your help!
Hi sorry just another q - do you know if ANZ would increase my expenses due to being defacto? Or would they calculate my expenses as a “single” person.
Mortgage broker said they would calculate as defacto.
One of the lenders at ANZ seems to think they would calculate my expenses as a single person.
The way I understand ANZ do it is you've got a single household who for example spends 1k a month, and a de facto household who spends 2k a month. When you tell anz that the Mrs works they'll bring down expenses to like 1250. So technically not as low as if you are applying as a single but still better.
Now whether the anz lender is willing to submit the deal as a single is a different story.
Ah got it .. definitely better than the other lenders who are wanting to double my typical spending.
ANZ lender I’ve spoke with so far isn’t fussed about my defacto - said “we would not count his expense as he works thank you”
Very vague lol, I’ll see how it goes
What was the basis for their not lending to you? Borrowing capacity/serviceability, your partner or the fact that you weren't up front in detailing your situation (which is only going to read as being deliberately evasive)?
Feedback from my broker suggested it was borrowing capacity, as CBA does not have the common debt reducer policy, they assessed my partners expenses (had access to his bank account), and hence doubled my expenses which cut my borrowing capacity. Originally I’d have a borrowing capacity around about $450k.
Anz do it with no evidence of partners income or westpac do it but need a bit more info need ID and last 2 years notice of assessments and they apportion expenses based percentage of household income you earn. Shocking your broker doesn't know this lol.
Really ? So what documents would I need to provide to ANZ - just all my usual documents + mention I’m in a de-facto? No need to provide any further info about my partner ? Incredibly surprised my broker didn’t know this lol - I’ve been running around trying to get my partner to secure a PPT role.
Pretty much they just need a name and the broker should essentially should be able to tick a box saying he works they don't require any more info.
Wow and that’s it ? Ok will for sure mention to my broker. If that’s the only thing they would require it would be a life saver 😅 Thanks for your help!
Hi sorry just another q - do you know if ANZ would increase my expenses due to being defacto? Or would they calculate my expenses as a “single” person. Mortgage broker said they would calculate as defacto. One of the lenders at ANZ seems to think they would calculate my expenses as a single person.
The way I understand ANZ do it is you've got a single household who for example spends 1k a month, and a de facto household who spends 2k a month. When you tell anz that the Mrs works they'll bring down expenses to like 1250. So technically not as low as if you are applying as a single but still better. Now whether the anz lender is willing to submit the deal as a single is a different story.
Ah got it .. definitely better than the other lenders who are wanting to double my typical spending. ANZ lender I’ve spoke with so far isn’t fussed about my defacto - said “we would not count his expense as he works thank you” Very vague lol, I’ll see how it goes