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 78: The house sitting venture helping this young couple achieve their investment goals
Episode 77: How will the government's changes to tax depreciation impact investors?
Episode 76: SPI portfolio update: what's next for the team?
Episode 75: How travelling cross-country helped this investor buy 9 properties in 6 years
Episode 74: How this investor plans to double his portfolio within 10 years
Episode 73: Bad builders: how this investor bounced back
Episode 72: Policy changes to interest-only loans: what buyers need to know
Episode 71: How this 'stubborn' investor recognised a property lemon
Episode 70: How this investor complements each property and balances his portfolio
Episode 69: Are you a ‘lazy’ investor? Consider the benefits to working with a financial team
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