What to do when the bank says "no"
podcast

What to do when the bank says "no"

What to do when the bank says

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 113: Portfolio update: Why we bought five properties in one go
Episode 112: How this ex-banker supercharged her portfolio with knowledge from the inside track
Episode 111: The tips this ex-camera man uses to snap up properties
Episode 110: Top 5 questions to ask your accountant
Episode 109: From selling 10-cent golf balls to a $1.8m portfolio
Episode 108: Dealing with scar tissue from bad investments
Episode 107: How property styling can boost your portfolio’s worth
Episode 106: How ice addicts potentially ruined an investment
Episode 105: New podcast: Investor reveals the opportunities for migrants in Australia
Episode 104: New podcast: Q&A session with Paul Glossop – more questions answered!
promoted stories
Email:

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BERKELEY VALE 46.03%
2.
MANGERTON 44.65%
3.
MOAMA 43.59%
4.
NORTH NARRABEEN 42.08%
5.
WAUCHOPE 40.74%
What to do when the bank says "no"
SPI logo