So i spoke with a mortgage broker from Westpac today. He told me that I didn't have sufficient income to service the loan I proposed. I even offered to secure it against sufficient equity to make it 50% LVR, and he said it didn't matter - post global financial crisis, if u don't have enough income, LVR is meaningless. He said there was no point looking elsewhere for a loan, all banks work under the same scheme.
Is this true? I've read posts from brokers on here claiming that LVR is the only restriction to borrowing capacity.
Whats going on here, was I lied to by the broker? Is there some truth to what he's saying, just that there are ways to get around it?
Is this true? I've read posts from brokers on here claiming that LVR is the only restriction to borrowing capacity.
Whats going on here, was I lied to by the broker? Is there some truth to what he's saying, just that there are ways to get around it?