I got a call from the broker today to explain why my loan with Suncorp was declined (first time I've ever been declined).
Brief details:
Existing loan with Suncorp under my wifes name -> Top up / equity release
Existing loan with another bank under my name -> Refinance to suncorp with equity release.
(No crossing - 1 is held in my name, 1 is held in my wifes name, no joint tenants)
Both properties put up for security are houses with granny flats on them.
Apparently Suncorp's lending view is that there is a glut of Granny flats in NSW rules may change. As a result, they are discarding the rental income from the granny flat as part of the serviceability calculations - as because of the size of the loans.
They've chosen to ignore that the one of the granny flats has been rented out at a similar rate since 2009, while the other has been rented out for the entire 2014.
Can anyone verify if this is all true?
Suncorp said they would consider (not guarantee) approving the loan if i crossed... you can probably guess my broker's response and my response to that
Brief details:
Existing loan with Suncorp under my wifes name -> Top up / equity release
Existing loan with another bank under my name -> Refinance to suncorp with equity release.
(No crossing - 1 is held in my name, 1 is held in my wifes name, no joint tenants)
Both properties put up for security are houses with granny flats on them.
Apparently Suncorp's lending view is that there is a glut of Granny flats in NSW rules may change. As a result, they are discarding the rental income from the granny flat as part of the serviceability calculations - as because of the size of the loans.
They've chosen to ignore that the one of the granny flats has been rented out at a similar rate since 2009, while the other has been rented out for the entire 2014.
Can anyone verify if this is all true?
Suncorp said they would consider (not guarantee) approving the loan if i crossed... you can probably guess my broker's response and my response to that