- By admin
- In Loan disasters - When finance goes wrong, Supercharged retirement – Buying properties with super
Recently, a new client told me of an unimaginable experience that they had with their bank. A sophisticated investor, one whom definitely knows their way around the property market, was in disbelief when they were cornered into accepting terms on their mortgage loan that they had not been made aware of, until THE WEEK OF SETTLEMENT.
The client was purchasing a property under their self-managed super fund – it wasn’t their first time either. They held several other assets under their self-managed super fund, and owned several investment properties.
It all started when the bank reneged on the percentage amount they would fund. Originally advising they would offer 80% lending on the self managed superfund property, after contracts for the property had already been exchanged, and well and truly cooled off, the lender advised that they would only fund 70%.
The client had little choice but to come up with a further 10% deposit, or risk losing out on the property and incur significant losses for a forfeited deposit.
Secondly, they were also told that a condition of the loan, was that they keep $100,000 cash in the banks offset account, at ALL TIMES, and that they were not allowed to withdraw these funds at any time.
The client was beyond shocked, and I am currently assisting her to challenge the matter, and if the bank wont come to the party, we will be refinancing her elsewhere.
The above situation would not have occurred, if she had known about my services, PRIOR to seeking out this loan with her existing bank. At Bee Finance Savvy, we are extremely diligent, and keep ALL records and correspondence from the bank. From well before we even submit the loan application!
This technique ensures, that any unjust principles that are introduced by the bank (which unfortunately is not an isolated event), can be promptly challenged and quashed, due to the evidence retained during our services.
The pen is mightier than the sword, and well kept documentation and correspondence can be the winning hand in any event.
If you would like to ensure that your bank doesn’t corner you into hidden surprises, contact Bee Finance Savvy on 1300 140 554.