Banks in the hold-up business | The Daily Telegraph

By Alison RehnApril 14, 2009 12:00am

ACCORDING to Treasurer Wayne Swan, I am playing an important role in supporting activity and jobs in the housing sector.

My boyfriend and I just bought our first house.We lapped up the Rudd Government's first home owner's grant - doubled to $14,000 - and jumped out of the vicious renting cycle.

All good, right? Not quite.Now I'll be the first to admit I was a little bit naive in thinking all I had to do was sign a few forms and the house would be ours.I was sure the process would be geared around busy people, who figure the hardest job is trawling through homes every Saturday for six months. Making a decision on which house to buy isn't so much "Woo hoo!" as "Thank God that's over".

And then, of course, there's the move from one end of town to the other, and dealing with blokes who know that your bed is your favourite possession and promise to look after it in their truck, but rip its sides anyway. And don't even ask what they did to the front door when they shoved the piano through the entrance.

But none of that comes close to the stress of dealing with a broker, a lawyer and a bank. Nothing could prepare me for the bunny-boiling attention I got every day from our lawyer for about a month.

I had to change my mobile phone ring tone because I started to hate it.The lawyer rang constantly to ask when the bank would grant us unconditional approval for our home loan. Just in case I had a clue.

Unfortunately the first home owner's grant - while doing its part for the economy - has prompted a record number of first home buyers into the market, swamping the banks with loan applications. The bank held up our settlement for weeks. The day we moved in was supposed to be our day of settlement. We weren't even close. We had to start paying rent to the owners. We still weren't free of the rental trap.

We were so far behind our broker tried to help out by coming to my workplace to sign some more forms.This was it, I was sure. Now the bank will surely get things moving. We are heading in the right direction.Unfortunately the broker didn't co-sign one document, so the bank helpfully returned it. To our old address. And so there I was, standing at a cafe in the rain, waiting for the broker to bring me another form. With teeth clenched I watched him sign his name. Twenty-three days after we were supposed to settle we finally became mortgagors.

I don't know what's better - no longer paying someone else's mortgage, or no longer recognising our lawyer's number on my mobile phone. Having walls I can bash pictures into anywhere I want is awesome.

But I hope I won't be buying another home any time soon.

Banks in the hold-up business | The Daily Telegraph

First Home Loan Specialists Comment

This is another example of why First Home Loan Specialists was established. We recognised that the First Home Buyer needed to be supported and guided through the purchasing process. We liaise with everyone involved including the real estate agent and solicitor. This should be a very enjoyable process.

First Home Buyers are what we specialise in.

Greg Brierley
Principal
T: 1300 884 809
E: greg@firsthomeloanspecialist.com.au
W: www.firsthomeloanspecialist.com.au