Hi all,
I was talking to a member of PT today about getting NZ finance. He stated that one of the more unusual points he noted was that some banks add your credit card limit to the debit section for your application! For example if you had a credit card with a limit of 10k Aussie and NO money owed. The bank would consider that 10k as debt and add it against your application! But wait I don't owe 10k on my card - too bad state the banks!
This is why you should consider using a mortgage broker. They have the local relationship with the banks/finance institutions and can argue your case.
Best Regards
Marc
I was talking to a member of PT today about getting NZ finance. He stated that one of the more unusual points he noted was that some banks add your credit card limit to the debit section for your application! For example if you had a credit card with a limit of 10k Aussie and NO money owed. The bank would consider that 10k as debt and add it against your application! But wait I don't owe 10k on my card - too bad state the banks!
This is why you should consider using a mortgage broker. They have the local relationship with the banks/finance institutions and can argue your case.
Best Regards
Marc
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