Getting a mortgage with over 50% deposit headache (but Approved by BNZ!)

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Forums › Finance and wealth management › Getting a mortgage with over 50% deposit headache (but Approved by BNZ!)

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#2161926 16-Jan-2019 11:31

Bung: The interest has gone from this thread now that we'll never know what the 1st bank was really basing its decision on. The original "put the blame on the RB" wasn't supported by the RB. It seems odd that going up the chain didn't change anything if it was a mistake at a lower level.

The Mike Pero site mentions that some banks still require a certain % of the deposit to come from existing savings older than 3 months when a family gift is involved. Maybe that should be irrelevant when the deposit is well above minimum.

The answer must be to explain the money as family returning money you lent them years ago...!

Linux

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#2161940 16-Jan-2019 12:08

APPROVED by BNZ and was approved for more than I needed thanks to @Sidders80 Here on Geekzone

If you need a Mortgage and don't want to fuss about send him a DM, He kept me up to date and held my hand all the way thru the process

Now to get my $$$ out of the other bank and close my account

John

networkn

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#2161942 16-Jan-2019 12:10

Congrats. Let me know when the housewarming is :-)

networkn

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#2161947 16-Jan-2019 12:14

Boo to ASB. We were reconsidering approaching them when we switch banks shortly, now not so much.

It was a dealing similar to this (not mortgage related) that had us remove all our banking from them in the first place.

cisconz

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#2161950 16-Jan-2019 12:16

Linux:

APPROVED

Would have been a better birthday present if it was tomorrow...

Hmmmm

Linux

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#2161951 16-Jan-2019 12:17

cisconz:

Linux:

APPROVED

Would have been a better birthday present if it was tomorrow...

Yes my 21st tomorrow

John

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michaelmurfy

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#2161957 16-Jan-2019 12:22

Linux:

Now to get my $$$ out of the other bank and close my account

I'll send you my account number to make this process easier for you.

Congrats!

Michael Murphy | https://murfy.nz
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networkn

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#2161958 16-Jan-2019 12:23

michaelmurfy:

Linux:

Now to get my $$$ out of the other bank and close my account

I'll send you my account number to make this process easier for you.

Congrats!

I can make it even easier. Just send me your pin, I'll take care of EVERYTHING else.

Linux

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#2161960 16-Jan-2019 12:25

michaelmurfy:

Linux:

Now to get my $$$ out of the other bank and close my account

I'll send you my account number to make this process easier for you.

Congrats!

LOL you wish

alasta

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#2162007 16-Jan-2019 14:18

Well done BNZ. I am a BNZ customer myself and they have always looked after me really well, plus they have great technology like Apple Pay and a well designed online offering.

coffeebaron

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#2162022 16-Jan-2019 14:41

networkn:

Boo to ASB. We were reconsidering approaching them when we switch banks shortly, now not so much.

It was a dealing similar to this (not mortgage related) that had us remove all our banking from them in the first place.

I've always rated @asbbank highly, so this is a bit disappointing.

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#2162026 16-Jan-2019 14:53

Linux:
APPROVED by BNZ and was approved for more than I needed thanks to @Sidders80 Here on Geekzone

If you need a Mortgage and don't want to fuss about send him a DM, He kept me up to date and held my hand all the way thru the process

Now to get my $$$ out of the other bank and close my account

John

Well done John.

I think you said some of your other money is invested with ASB? If it’s on Term Deposit you may want to leave it to mature or you’ll probably have to take a rate penalty to get it out early.

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

Earbanean

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#2162082 16-Jan-2019 16:59

coffeebaron:

networkn:

Boo to ASB. We were reconsidering approaching them when we switch banks shortly, now not so much.

It was a dealing similar to this (not mortgage related) that had us remove all our banking from them in the first place.

I've always rated @asbbank highly, so this is a bit disappointing.

I wouldn't necessarily throw the baby out with the bath water on this. They'll have legitimate reasons for their lending decision - but in this case it just seems they failed to communicate those reasons to their customer.

Linux

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#2162174 16-Jan-2019 18:32

Earbanean:

coffeebaron:

networkn:

Boo to ASB. We were reconsidering approaching them when we switch banks shortly, now not so much.

It was a dealing similar to this (not mortgage related) that had us remove all our banking from them in the first place.

I've always rated @asbbank highly, so this is a bit disappointing.

I wouldn't necessarily throw the baby out with the bath water on this. They'll have legitimate reasons for their lending decision - but in this case it just seems they failed to communicate those reasons to their customer.

@Earbanean The bank made it very clear it was due to RBNZ rule/s and I have this in emails from the bank manager

If I did not meet the bank criteria for servicing of the debt / loan then they only had to say this, BNZ had no issue and offered a mortgage far more than required

John

surfisup1000

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#2162207 16-Jan-2019 19:23

Something is not right. The bnz would have to clear this by the RBNZ if the ASB was required to do so. They do operate under the same laws.

I guess we'll never know the true story, but congratulations.

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