Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.


Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic
1 | ... | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18


5496 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2162544 17-Jan-2019 13:10
Send private message quote this post

(Removed)

Tomorrow she is going into the bank with a copy of my mortgage approval from BNZ

Keep you posted but looks like someone messed up

John


Edit: Sorry my mum had to call the bank for another reason and the bank manager asked mum about my mortgage Application and she advised approved by BNZ no issue


3877 posts

Uber Geek

Subscriber

  # 2162549 17-Jan-2019 13:23
Send private message quote this post

Linux: Interesting progress this morning with a call to my mum from the bank!

Tomorrow she needs to go in and see them with a copy of my mortgage approval from BNZ

Keep you posted but looks like someone messed up

John



Edit: Sorry my mum had to call the bank for another reason and the bank manager asked mum about my mortgage Application and she advised approved by BNZ issue


Maybe ASB want proof of the BNZ approval so that they can report BNZ to the RBNZ for not applying the rules properly. 😛




Sometimes I just sit and think. Other times I just sit.


 
 
 
 


18292 posts

Uber Geek

Trusted

  # 2162550 17-Jan-2019 13:23
Send private message quote this post

Linux: Interesting progress this morning with a call to my mum from the bank!

Tomorrow she needs to go in and see them with a copy of my mortgage approval from BNZ

Keep you posted but looks like someone messed up

John



Edit: Sorry my mum had to call the bank for another reason and the bank manager asked mum about my mortgage Application and she advised approved by BNZ no issue

 

Needs to, or was asked if she could go in?  




5496 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2162551 17-Jan-2019 13:24
One person supports this post
Send private message quote this post

tdgeek:

 

Linux: Interesting progress this morning with a call to my mum from the bank!

Tomorrow she needs to go in and see them with a copy of my mortgage approval from BNZ

Keep you posted but looks like someone messed up

John

Edit: Sorry my mum had to call the bank for another reason and the bank manager asked mum about my mortgage Application and she advised approved by BNZ no issue

 

Needs to, or was asked if she could go in?  

 

 

Asked sorry

 

The bank is just 3 minutes drive away

 

John


3877 posts

Uber Geek

Subscriber

  # 2163499 19-Jan-2019 04:51
Send private message quote this post

@Linux How did your mother get on with meeting ASB? Anything you can update us on?




Sometimes I just sit and think. Other times I just sit.




5496 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2163502 19-Jan-2019 06:56
3 people support this post
Send private message quote this post

@eracode Was postponed to next week

Went unconditional on the house yesterday

John

3877 posts

Uber Geek

Subscriber

  # 2163548 19-Jan-2019 08:30
Send private message quote this post

Linux: @eracode Was postponed to next week

Went unconditional on the house yesterday

John


Excellent news - good on you!




Sometimes I just sit and think. Other times I just sit.


 
 
 
 


790 posts

Ultimate Geek


  # 2163697 19-Jan-2019 13:25
Send private message quote this post

Linux: @eracode Was postponed to next week

Went unconditional on the house yesterday

John

 

 

 

Nice job!


400 posts

Ultimate Geek


  # 2165336 22-Jan-2019 13:16
One person supports this post
Send private message quote this post

Be very interested to hear ASBs response...

 

It *appears* to be a total misinterpretation of the rules by ASB.  They are following what they THINK the RBNZ rules are (savings does not = gifting) and have denied you on that.

 

The main new rules that changed recently were basically:

 

- 20 percent of new loans to owner-occupiers with less than a 20 percent deposit (was 15% of new loans. however, as this is effectively an investment, it's not relevant)

 

- 5 percent of new loans to investors with a deposit of less than 30 percent, down from the previous 35 percent limit (as you've mentioned you have a higher deposit than this, it's not relevant)

 

From what I can tell from skim reading this thread is that the issue appears to be ASB concerned with the gifting side.  The rule is, if the money (or some of it) you're using towards your deposit is gifted, then you need to show the bank where the money came from, but the gifter won't have any future obligations to the bank.  However, if the gifted money happened to be via a mortgage top up on the equity your parents have on their own home (eg: your "gift" = you parents using their own home as collateral for the loan) then they become guarantors and this could most definitely change things.  I am assuming however that the gifting was cash they simply had in the bank.

 

I don't think I read anywhere "how" you were gifted the money, from a financial sense.

 

 





 

 




5496 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2165488 22-Jan-2019 14:54
Send private message quote this post

Just had a call from the Bank manager to say my mortgage is now approved (BNZ sorted me out ASAP so not changing) advised it was the banks interpretation of the RBNZ rules

 

John

 

 


400 posts

Ultimate Geek


  # 2165496 22-Jan-2019 15:06
Send private message quote this post

Linux:

 

Just had a call from the Bank manager to say my mortgage is now approved (BNZ sorted me out ASAP so not changing) advised it was the banks interpretation of the RBNZ rules

 

John

 

 

Then ASB are muppets and will lose a lot of business due to their poor interpretation of the rules (assuming the gift was simply cash with no guarantor / security against other assets)

 

 





 

 




5496 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2165508 22-Jan-2019 15:25
Send private message quote this post

chimera:

 

Linux:

 

Just had a call from the Bank manager to say my mortgage is now approved (BNZ sorted me out ASAP so not changing) advised it was the banks interpretation of the RBNZ rules

 

John

 

 

Then ASB are muppets and will lose a lot of business due to their poor interpretation of the rules (assuming the gift was simply cash with no guarantor / security against other assets)

 

 

@chimera 100% gifted do what I like with it and never have to pay back 1 cent! Mum and Dad made that very clear to ASB

 

I could of spent it on one hell of a trip around the world

 

John


400 posts

Ultimate Geek


  # 2165513 22-Jan-2019 15:31
4 people support this post
Send private message quote this post

Linux:

 

chimera:

 

Linux:

 

Just had a call from the Bank manager to say my mortgage is now approved (BNZ sorted me out ASAP so not changing) advised it was the banks interpretation of the RBNZ rules

 

John

 

 

Then ASB are muppets and will lose a lot of business due to their poor interpretation of the rules (assuming the gift was simply cash with no guarantor / security against other assets)

 

 

@chimera 100% gifted do what I like with it and never have to pay back 1 cent! Mum and Dad made that very clear to ASB

 

I could of spent it on one hell of a trip around the world

 

John

 

 

Well, consider yourself very lucky to have had successful parents who could help you out in the housing market! I'm the complete reverse, my own rental portfolio is in place to eventually help my parents out who (in their 70's) currently rent. 

 

Great news you eventually got it sorted anyhow!

 

 





 

 


bmt

473 posts

Ultimate Geek


  # 2168658 27-Jan-2019 23:38
Send private message quote this post

Well just read this thread from start to finish and what an anti-climax lol.


Mad Scientist
21069 posts

Uber Geek

Trusted
Lifetime subscriber

  # 2168701 28-Jan-2019 07:08
Send private message quote this post

mudguard: I'm still betting they've used the RB as an excuse and have declined the application based on John not putting any of his savings in.
What is always interesting in these situations is what BNZ will have made with ASB's credit check.
Usually it prompts a question asking what the result of the first bank's application.
But it could be BNZ have no gifting rules. My only experience is with another bank who still refer to it in their terms.


This is how I read it from the start and is still how I'm reading it. Each bank is required to have a certain amount of safe lending {customer has high savings and high equity) and a maximum amount of not so safe lending (customer has low savings and low equity) . This is between the rbnz and the bank. It's not a fixed black and white number per person but an overall/global calculation. Perhaps the asb has overstepped its limits and can't take on any more risk. Not sure why they consider OP to be risky, we don't have all the details.




Involuntary autocorrect in operation on mobile device. Apologies in advance.


1 | ... | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18
Filter this topic showing only the reply marked as answer View this topic in a long page with up to 500 replies per page Create new topic



Twitter and LinkedIn »



Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Spark launches new wireless broadband "Unplan Metro"
Posted 11-Nov-2019 08:19


Malwarebytes overhauls flagship product with new UI, faster engine and lighter footprint
Posted 6-Nov-2019 11:48


CarbonClick launches into Digital Marketplaces
Posted 6-Nov-2019 11:42


Kordia offers Microsoft Azure Peering Service
Posted 6-Nov-2019 11:41


Spark 5G live on Auckland Harbour for Emirates Team New Zealand
Posted 4-Nov-2019 17:30


BNZ and Vodafone partner to boost NZ Tech for SME
Posted 31-Oct-2019 17:14


Nokia 7.2 available in New Zealand
Posted 31-Oct-2019 16:24


2talk launches Microsoft Teams Direct Routing product
Posted 29-Oct-2019 10:35


New Breast Cancer Foundation app puts power in Kiwi women's hands
Posted 25-Oct-2019 16:13


OPPO Reno2 Series lands, alongside hybrid noise-cancelling Wireless Headphones
Posted 24-Oct-2019 15:32


Waikato Data Scientists awarded $13 million from the Government
Posted 24-Oct-2019 15:27


D-Link launches Wave 2 Unified Access Points
Posted 24-Oct-2019 15:07


LG Electronics begins distributing the G8X THINQ
Posted 24-Oct-2019 10:58


Arlo unveils its first video doorbell
Posted 21-Oct-2019 08:27


New Zealand students shortlisted for James Dyson Award
Posted 21-Oct-2019 08:18



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.


Support Geekzone »

Our community of supporters help make Geekzone possible. Click the button below to join them.

Support Geezone on PressPatron



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.