Hi Am, I am in agree with every broker who has commented to this tread. Proceeding with three separate applications will result in a) poor credit rating b) 15% chance these lenders will approve your loan due to recent conduct. Again, any member of the public can google cheapest rates however the initial establishment and ongoing maintenance of the loan will only be set up correctly with a professional credit adviser which each one of us associated with HashChing need to be. Valuations are free yes and there are 5-6 lenders who allow up front valuations without cost and there are other lenders who will charge if no application follows. It would be prudent for you to associate with an adviser who looks at the whole picture rather than just rates. Happy to discuss. Cheers Michael
Is it possible? Yes. The question is why? If it's due to turnaround times I can understand why you would want to lodge multiple applications so that you can meet your exchange date and then find a more suitable lender. Rate isn't everything though depending on your strategy the structure of your loan and whether that is in the particular banks policy is more important and can potentially save you thousands more than a few basis points on rate ever will. It all comes down to your goals and your future strategy, anyone can google the best rate but not everyone knows how to structure a deal tailored most effectively to your goals. If rate is what you want I'm sure there are many who can help you however if you are looking for great service and a tailored solution to your financial needs and goals send me a message!
Hi Am Some lenders charge for Valuations & some have deals & not charge. Re rates I would find several loan rates for you, depending on your situation & you would choose what you like. Please check my Profile page & contact me. I am confident I can help you. Look forward to hearing from you. Thank you
Am, My personal opinion is that you would be quite foolish to ask three lenders for loan approval after you already signed a contract. You will destroy your credit rating and end up with nothing. If you consult a broker that you have trust in, then listen to what they advise, make a call on one lender and run with it. That is the job of a qualified broker (to advise you on the most suitable product). I am hoping that you are asking this question as a thought provoker and are not already in a cooling off period. If this is the case and you wish to seek advice and run with just one option then I would be happy to chat with you. If you wish to "play the field" then I will not be the broker of your choice. I am based in Sydney. Give me a call if the location suits. Regards Ken
Hi Am, I like you thinking outside of the box. What I would recommend by going through all those variables in the loan assessment process and simplifying it. I am happy to have a chat about the finance but also the bigger picture of the purchase, given that the first point of saving money in the purchase. Peace of mind can be helpful, so happy to talk to you on both fronts
Hi Am, Both options are possible but not necessarily recommended. Would be better look at the rates available with the different lenders first, then order the valuation. The cooling off period and the time to settlement may be a factor though. Let me know if you want to discuss further.
Hi Am, The role of the broker is to assist you in finding the appropriate deal including interest rate after reviewing your specific needs. In doing so this should alleviate the need for multiple applications with various lenders, you will know as you enter into the transaction where you stand with your chosen lender, as Peter has said, have you already committed to a lender?
Hi Am, I would generally not recommend this, but it does depend on your overall circumstances. As a broker, my job is to find the most suitable lender for you the first time so you really shouldn't need multiple applications on the go all at one time. This can potentially be detrimental to your credit history. Happy to discuss over the phone or arrange a time to meet. You can see my profile for my contact details.
Hi Am, If you go through a broker, they should be able to order the valuations for you without incurring a fee in most cases. It is really prudent to look for better deals before settlement, again your broker should be able to do that for you. Generally you will not incur a penalty but this may depend on your scenario. Everyday I help customers in your situation, contact me if you need assistance with your purchase. Regards Azm
Hi Am, my recommendation to clients is to put in place pre-approval with the most appropriate lender for your requirements. This alleviates the need to put in multiple applications which will impact on your credit file preventing some lenders from approving your finance as you have inadvertently exceed their credit scoring. CBA for example has an automated credit scoring system which if declines an application cannot be appealed. If you are in WA, I would happy to discuss further your finance requirements. Please view my profile for my contact details.
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Nicholas
Hello Am, If you are looking for assistance on a loan in the Northern Territory please don't hesitate to contact me through the profile link. Regards Nick