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.
Please note this sub-forum does not provide professional finance advice. You should seek advice from a licensed financial advisor. If investing please consider our affiliate links for new accounts: Sharesies or Hatch. To post in this sub-forum you must have made 100 posts or have Trust status or have completed our ID Verification



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 | ... | 12 | 13 | 14 | 15 | 16 | 17 | 18
Affiliate link
 
 
 

Affiliate link: Buy anything now at AliExpress.
Linux

9000 posts

Uber Geek

Trusted
Lifetime subscriber

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

(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


eracode
Smpl Mnmlst
6295 posts

Uber Geek

Subscriber

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

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.


tdgeek
26326 posts

Uber Geek

Trusted
Lifetime subscriber

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

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?  




Linux

9000 posts

Uber Geek

Trusted
Lifetime subscriber

  #2162551 17-Jan-2019 13:24
Send private message

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


eracode
Smpl Mnmlst
6295 posts

Uber Geek

Subscriber

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

@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.


Linux

9000 posts

Uber Geek

Trusted
Lifetime subscriber

  #2163502 19-Jan-2019 06:56
Send private message

@eracode Was postponed to next week

Went unconditional on the house yesterday

John

eracode
Smpl Mnmlst
6295 posts

Uber Geek

Subscriber

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

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.




mudguard
1414 posts

Uber Geek


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

Linux: @eracode Was postponed to next week

Went unconditional on the house yesterday

John

 

 

 

Nice job!


chimera
434 posts

Ultimate Geek


  #2165336 22-Jan-2019 13:16
Send private message

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.

 

 





 

 


Linux

9000 posts

Uber Geek

Trusted
Lifetime subscriber

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

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

 

 


chimera
434 posts

Ultimate Geek


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

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)

 

 





 

 


Linux

9000 posts

Uber Geek

Trusted
Lifetime subscriber

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

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


chimera
434 posts

Ultimate Geek


  #2165513 22-Jan-2019 15:31
Send private message

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

bmt
574 posts

Ultimate Geek


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

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


Batman
Mad Scientist
27818 posts

Uber Geek

Trusted
Lifetime subscriber

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

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 | ... | 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





News and reviews »

D-Link G415 4G Smart Router Review
Posted 27-Jun-2022 17:24


New Zealand Video Game Sales Reaches $540 Million
Posted 26-Jun-2022 14:49


Github Copilot Generally Available to All Developers
Posted 26-Jun-2022 14:37


Logitech G Introduces the New Astro A10 Headset
Posted 26-Jun-2022 14:20


Fitbit introduces Sleep Profiles
Posted 26-Jun-2022 14:11


Synology Introduces FlashStation FS3410
Posted 26-Jun-2022 14:04


Intel Arc A380 Graphics First Available in China
Posted 15-Jun-2022 17:08


JBL Introduces PartyBox Encore Essential Speaker
Posted 15-Jun-2022 17:05


New TVNZ+ streaming brand launches
Posted 13-Jun-2022 08:35


Chromecast With Google TV Review
Posted 10-Jun-2022 17:10


Xbox Gaming on Your Samsung Smart TV No Console Required
Posted 10-Jun-2022 00:01


Xbox Cloud Gaming Now Available in New Zealand
Posted 10-Jun-2022 00:01


HP Envy Inspire 7900e Review
Posted 9-Jun-2022 20:31


Philips Hue Starter Kit Review
Posted 4-Jun-2022 11:10


Sony Expands Its Wireless Speaker X-series Range
Posted 4-Jun-2022 10:25









Geekzone Live »

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



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.