tag:blogger.com,1999:blog-2976679282467315624.post7145648021281063095..comments2023-10-16T19:46:28.176+11:00Comments on Luke and Peta's Building Blog: Beware - Mortgage Insurers fighting government grants!Anonymoushttp://www.blogger.com/profile/09549562806877386173noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-2976679282467315624.post-76794973767319120672011-05-30T07:54:01.036+10:002011-05-30T07:54:01.036+10:00Thanks Drew, we tried 3 banks and had the same res...Thanks Drew, we tried 3 banks and had the same result for all 3. Do you know of any other banks who don't do this?<br /><br />We decided to just to live with it after the third and our land settles in about 10 days too. The two times after Westpac we were told a similar thing, we'll do it our insurers will pass it. Then they tell us they won't on approval.Anonymoushttps://www.blogger.com/profile/09549562806877386173noreply@blogger.comtag:blogger.com,1999:blog-2976679282467315624.post-31752316918156994052011-04-08T23:25:41.660+10:002011-04-08T23:25:41.660+10:00Hello. Its not the mortgage insurers that are doin...Hello. Its not the mortgage insurers that are doing this to you. Its the valuers that the banks use.<br /><br />The Banks appoint an external valuer and when the valuer finds out that there is any form of cash back in place they then look to effectivly "reduce" the valuation of the land. This reduction in your land price reduces the total security - which is why they are telling you that you need to put more into the deal.<br /><br />I have done approx 10 loans for clients at Ropes Crossing which had the same deal with cashbacks coming back to the clients but I was able to still provide the finance for them.<br /><br />I think that you should find another bank to have a look at this for you.<br /><br />Also there is more than 2 mortgage insurers because alot of banks are self ensuring at the moment as well.<br /><br />(ps I am a lending manager in Penrith so give me a call if you want a chat or any advice. 0427998111)<br /><br />Cheers Drewdrewreneehttps://www.blogger.com/profile/12489024033870995341noreply@blogger.com