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Thread ID: 146305	2018-06-25 01:41:00	House Price	piroska (17583)	PC World Chat

Post ID	Timestamp	Content	User
1450946	2018-06-25 01:41:00	Son asked bank about buying us out. As he didn't really believe what I said. He's not paying market value, equity would be 48% with what he will borrow. I said, he didn't need a deposit (as a consequence) and they'd fall all over themselves to lend him the money. His earnings (with overtime) are huge. Not too shabby without even. So he asked, at first they said oh Kiwisaver not enough (No, 20% of Auckland market value, it isn't). Until he explained exactly how much he wanted. Then they did exactly what I said, mad excitement....in fact they said he should borrow more (LOL!) because "if he sold later, the very cheap price would look suspicious to future buyers". LOL. I told him he doesn't have to have the sale price made public now anyway...it's an optional thing and they just want to make profits off him. He can always refinance later anyway, if he needs to do any renovations or whatever...leave it for now, until his initial mortgage drops some.	piroska (17583)
1450947	2018-06-26 02:49:00	[...]they said he should borrow more (LOL!) because "if he sold later, the very cheap price would look suspicious to future buyers". [...] Hardly responsible lending! [...] they just want to make profits off him. You're on to it, piroska!	WalOne (4202)
1450948	2018-06-26 06:07:00	There was an article in the news today along that line...the aussie banks and staff sales targets. It's also a bit weird, he is paying us less than what he borrows (by a bit), which makes the weirdest sale & Purchase agreement I've ever done....and hence we need some lawyer letter about gifting apparently. I suppose, in effect, we are gifting although that wasn't how we looking at it.	piroska (17583)
1450949	2018-06-26 08:16:00	Well we want to borrow a small sum $200k and are having to jump through major hoops. We own 10 acres outright, live in a tiny home that conservatively we can sell for $60k. We have no debt at all, can easily make the repayments without breaking a sweat but we need to bring in $70k (which we don't) a year between us to actually get the mortgage. All banks have said this.	gary67 (56)
1450950	2018-06-26 13:35:00	"[...] they just want to make profits off him." Yup, that's exactly how they get you. :D	Mikebook (17625)
1450951	2018-06-26 21:24:00	Well we want to borrow a small sum $200k and are having to jump through major hoops. . Know how that goes, we had that hassle when husband was self employed, in fact this place was my pay only, they said his (starting again) income made it worse, not better. um... Son earns $70K base pay, overtime you add another 1/2 again. And the equity is 48% so of course they are keen. You know the saying, banks are happy to lend to those who don't need it... tried a broker? Friend did that, her bank said no, she ended up with 2 offers from the non-major banks.	piroska (17583)
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