Finally got my first mortgage at 42 and here’s what I learnt

[sparkydave]

@shaynaleab How were you only allowed to provide 3 payslips and no bank statements? Seems super suspicious to me.

You could’ve given the broker 3 fake payslips and didn’t make any money and got the loan??

 

[honeybear418]

@sparkydave If you pass servicing by more then $500 and provide one payslip (FT or PT), you don’t need to provide bank statements if you’re getting a loan through Commbank.

 

[sparkydave]

@honeybear418 I used to work there as well and already know this. But brokers still have to gather bank statements for their compliance.. as far as I know.

Oh well GG

 

[baccano]

@honeybear418 Sorry could you explain this a little more, pass servicing by more than $500? As in servicing the loan

 

[honeybear418]

@baccano The bank assesses how much income you have left over at the end of each month after taking into account minimum assessment rates on your new loan, credit card, personal loans etc with your declared living expenses (if higher then HEM otherwise HEM is used)

If you pass with a $500+ a month surplus and you provided a payslip as a FT or PT employee, you don’t need to show your bank statements for where your salary is credited.

If you’re lending 90% or less base LVR, they don’t need a statement for your account where your deposit is either.

For LVRs 80+, you may need to provide a statement for your credit card or personal loan confirming the most recent payment has been made if the other bank don’t report on your repayment history on your credit file. Most banks do now days.

 

[baccano]

@honeybear418 Cheers for taking the time to answer, I’m with commbank and thinking of going for a loan in the next year it’s always good learning abit more

 

[haileyrose]

@sparkydave I don't remember them asking for bank statements either - I was surprised at how little I had to provide.

 

[frane81]

@sparkydave That’s all I ever had to do. I get paid monthly 3 slips was 3 months of work history. Don’t remember giving bank statements

 

[shaynaleab]

@sparkydave Oh they did other checks with regards to employment and as a health worker there’s no faking much of anything

 

[ibnuk]

@sparkydave Not OP but my mortgage is with RAMS and they didn't ask for bank statements. We originally went with St George before changing our mind and they also didn't ask for bank statements.

 

[phughes]

@sparkydave Different lenders and different loan products require different amounts of documentation. One of the best things about a broker is that they'll know which ones need what.

 

[sparkydave]

@phughes I am a broker. And this seems weird lol