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Bank lending on per house bases

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  • Bank lending on per house bases

    Hi

    Is there anyway of finding out what a bank will lend on a per house basis?

    Asking as have lost out on a couple of houses where the bank will not pre-approve a house for what we want to offer and then that house sold to someone else for what we wanted to offer.
    We do not want to use up all our cash reserves to make up the difference.

    Its just getting frustrating as we have found if we do not put a offer in that is unconditional then we pretty much do no have a chance.

    If we put a offer in and get the house but check did not with the bank first and find out later that they wont lend what we offered, then we are pretty much stuffed.

    We are going through a mortgage broker so not sure if they should be trying harder enough to help us along to get what we want to offer?

    We are also pre-approved about $200k above on what we have been wanting to offer on places.

    Cheers
    James

  • #2
    Originally posted by JimNic View Post
    Hi

    Is there anyway of finding out what a bank will lend on a per house basis?

    Asking as have lost out on a couple of houses where the bank will not pre-approve a house for what we want to offer and then that house sold to someone else for what we wanted to offer.
    We do not want to use up all our cash reserves to make up the difference.

    Its just getting frustrating as we have found if we do not put a offer in that is unconditional then we pretty much do no have a chance.

    If we put a offer in and get the house but check did not with the bank first and find out later that they wont lend what we offered, then we are pretty much stuffed.

    We are going through a mortgage broker so not sure if they should be trying harder enough to help us along to get what we want to offer?

    We are also pre-approved about $200k above on what we have been wanting to offer on places.

    Cheers
    James

    My experience has always been that you send your broker the auction documents, include your max purchase price, and get a yes or no answer.

    Broker say yes, I go to auction.

    Rarely broker says no because I know what I can afford.

    if the broker can't do this, change.
    Gary Lin Property Coaching
    www.Garylin.co
    https://www.facebook.com/RealGaryLin/

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    • #3
      Originally posted by GLin View Post
      My experience has always been that you send your broker the auction documents, include your max purchase price, and get a yes or no answer.

      Broker say yes, I go to auction.

      Rarely broker says no because I know what I can afford.

      if the broker can't do this, change.
      Thats what we have been doing, whenever we go to the broker, they want a draft S&P and disclosures.
      They take it to the banks who said no they will only lend $xxx or a valuation is requested and only lend what comes back on that.

      The houses we go for always go for more than the bank valuation of that property

      We missed out on a house that was being sold as deadline sale, we had to drop the offer by $10k as the banks would only loan so much on that property and we put more of our cash in but not using it all.
      At the end of the deadline, we were ahead of the next offer by $200 but then the agent went to both of us to see if we wanted to change the offer, we could only put another $1000 on but the other person put another $10k on.

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      • #4
        We do heaps of these and yes sometimes a lender comes back with reduced offering or a requirement for an RV. Its a case by case basis. The right way of doing things is to get pre-approval on you so you know the limits and then only need sight of the Auction pack. Most lenders turn these round pretty quickly as it's only the final piece of the jigsaw. Happy to chat!
        www.ilender.co.nz
        Financial Paramedics

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