podcast

What to do when the bank says "no"

What to do when the bank says
1

Victor Kumar, Right Property Group What to do when the bank says "no"

{{youtube id="wKpoMtTa6uQ?list=PLZWLiY_OqG3NVFkLd9O_jexF9TKb0NWXd"}}

As an investor, you will hit that hurdle where the bank is going to say "No". Generally, we're creatures of habit, we don't like change so often we go back to the lender or the bank that we've been always banking with. My question to you is; If your bank has said "No", what have the other banks said? In other words, what you really should be doing if you're serious about adding to your portfolio and having a multiple property portfolio, you should engage the services of a broker who can do the ground work for you. Because based on exactly the same circumstances, different lenders will have different lending levels and different criteria that you need to jump through to be able to qualify. So if bank A has said "No", there's a very strong chance that bank B or C will find you an attractive client and more than likely to say "Yes". There may be also things that you can do such as looking at how you're presenting the information to the lender, also looking at putting the full plan in front of them.  To say "This is what I'm planning to achieve, this is what I have achieved" so rather just doing an online application, rather than just putting stuff on paper, you're putting a face or person behind that application so that it gives a lot more credibility and a lot more personality to your application. It gives you a lot better chance of the bank actually saying "Yes".

Listen to other instalments of The Smart Property Investment Show:
Episode 60: The pros of using a buyer's agent: why this investor brought someone in
Episode 59: How to invest in property as a team: two investors share their secrets
Episode 58: When do you stop investing? The SPI Show answers more listener questions
Episode 57: Wealth creation through property: trends and themes to think about in 2017
Episode 56: The SPI Show accountant reveals all: How to pick your financial team
Episode 55: The reluctant property investor: How necessity drove an 18-property portfolio
Episode 54: The SPI Show Q&A: Listener questions answered honestly
Episode 53: 6 properties in 2 years: how this investor is achieving his goals
Episode 52: Will property prices fall? When? And by how much? What investors need to know
Episode 51: SPECIAL EPISODE: SPI team reveals all the financial details of its portfolio
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
FAIRLIGHT 46.02%
2.
CASUARINA 44.36%
3.
THE ENTRANCE NORTH 41.09%
4.
ULTIMO 40.67%
5.
LAVENDER BAY 40.2%