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We will be posting changes in lending sector here frequently. 2019 has started and deals are flowing through. Following the Royal Commission Report (https://financialservices.royalcommission.gov.au/Pages/default.aspx) local banks are now making lot of changes of the lending criteria. We are seeing deals that were getting through in 2018 are now being pushed back by the lenders. We have noticed the following by the main banks and also by specialist funders:
- Banks are now looking closely at the expenditure of the applicants so gauge their actual expenses as opposed to what is disclosed by the applicants.
- More questions are being asked about source of deposit due to AML changes.
- Applicants saving history is being closely looked at.
- For business customers, the lenders are now asking for filed tax returns with IRD
We are now seeing a tough lending environment and access to credit getting difficult. There are ways we can make access to funding easier to you.
Please talk to us?