If this is your first visit, be sure to
check out the FAQ by clicking the
link above. You may have to register
before you can post: click the register link above to proceed. To start viewing messages,
select the forum that you want to visit from the selection below.
That's a good idea Gary - I'll need to remember that in the future! Honestly, I didn't think it was going to be a problem. I guess it was just bad timing - if we hadn't sold our house and were trying to buy a new one I'm sure the bank wouldn't have paid any attention to my bank statements (who has the time?).
Perry - paid maternity leave is 14 weeks at a max payment of $504.10 per week depending on how much you earn. But that's the max. Unless of course your work pays you maternity leave (mine doesn't).
Leftette - it's not HSBC. It's one with lots of yellow in it.
That's a good idea Gary - I'll need to remember that in the future!
My rule has always been, if it's not on the bank statements, don't declare to the banks!
Unfortunately your kid showed up on the bank statement, and the bank will have to act accordingly...
Just as a hypothetical example, recently I went for a mortgage approval, but my banker delayed me for 2 weeks because she was busy (business bankers...).
Finally after two weeks of delay, I went in person and go through the numbers with her, she asked me for fresh statements from our personal account. After printing it off, my wife's 1st week of maternity payment kicked in on the bank statements on the same day.
She thought for a few seconds, and asked me to reprint the statements to the previous day, so the IRD payment won't show up.
1. Disclosure, pregnancy is definitely a material fact
2. New 'Responsible Lending Regs' have come in to protect the consumer from over borrowing and if a Bank or Lender does lend and it goes wrong the Courts may well prevent the Bank/Lender taking possession in the event of default. It happens a lot in Australia which is where these regs come from.
Apart from the above yes the Bank should have been better at communicating but hey, that's a two way street!
1. Disclosure, pregnancy is definitely a material fact
2. New 'Responsible Lending Regs' have come in to protect the consumer from over borrowing and if a Bank or Lender does lend and it goes wrong the Courts may well prevent the Bank/Lender taking possession in the event of default. It happens a lot in Australia which is where these regs come from.
Apart from the above yes the Bank should have been better at communicating but hey, that's a two way street!
Absolute nonsense. It is a sick and downward heading society that views child bearing as a liability or troublesome. Mother Nature is ruthless against anyone or any group who thinks they are above the natural order. She cares nothing for money and will cause any foolish society (including ones which don't reproduce themselves) to be wiped out.
1. Disclosure, pregnancy is definitely a material fact
Agree Jeff.
Full and honest disclosure rightly expected from tenants, but some borrowers don't seem to believe the same responsibilities extend to themselves when dealing with their bank.
Leftette - it's not HSBC. It's one with lots of yellow in it.
Yes, that bank is very picky!
I feel very sorry for your situation. I can understand the bank's position but the approach is not ideal. How long has your husband been self employed? I know a while back my partner was working as a real-estate agent and they refused to consider his salary but I think it was because he was only a real-estate agent for under a year at that time.
www.PropertyMinder.co.nz
# Property Management
# Ad Hoc Tenancy Services / Rental Inspections / Terminations and Notices
Absolute nonsense. It is a sick and downward heading society that views child bearing as a liability. Mother Nature and her natural order are ruthless. She cares nothing for money and will cause any foolish society (including ones which don't reproduce themselves) to be wiped out.
Michael - if you remove your incredible bias you might see better.
Child bearing is not a liability but lack of income can be!
The new 'responsible lending regs' will definately make a differance.
Do you think, Michael, that banks should lend irresponsibly?
I'm sure you would be at the front of the lynch squad if they did.
I don't think there is any doubt that the bank behaved badly.
The lack of communication is deplorable.
But then it was through a broker so already less personal.
Do as SB suggests and restart the conversations with all the facts - make a case why you can cope with the drop is income (say how long that will be etc).
You'll have to sell it to the bank - only you have all the facts.
1. Disclosure, pregnancy is definitely a material fact
the pregnancy isn't a material fact unless it affects the ability to earn. In this case the applicant determined it wasn't going to affect their earnings?? where do you draw the line?
the pregnancy isn't a material fact unless it affects the ability to earn. In this case the applicant determined it wasn't going to affect their earnings?? where do you draw the line?
Sorry mate pregnancy definitely affects the ability to earn (and puts strain on partners income) and is definitely a material fact. Not my rules, I just play by them and know how to present a deal to minimise the impact.
Comment