Aaron explains how brokers switch your home loan to a different lender mid-application by cloning the paperwork and moving it over. You might change banks if the valuation comes in low, the property isn't accepted as security, or the interest rate is too high.
So we need to change your loan application from one bank to another. Hey, it's Aaron from Diagnostics and Finance. How easy is this to happen? Well, it's fairly straightforward. As a broker, we can just clone the application from a technical point of view, look at the supporting evidence and have a conversation with yourself. But why would you have to do it? Well, a couple of things that have come up recently is due to the valuation of a property. Sometimes I find that we go through and we do all the questions we can to figure out what's going on with the property and then we come back and the value has mentioned something a little bit nasty that that bank does not like. And that typically requires us to either negotiate with the bank or change it to a bank that that valuation is accepted with. It's not very common, but it is one of those aspects of the home loan love triangle that we have to deal with. The bank has to be happy with the property and has to be happy with herself and using a broker. When you have to change a bank due to unfavorable offer, say the interest rate too high due to the security or the application can't go forward because the bank doesn't like the property, those are the most common ones. And I just thought I'd let you know. With a broker, it's very easy to change a bank even through the application as you need to. Hey, bye now.