Can a high-net-worth recluse get a home loan with private banking?

F

fatdogproject

New Member
Sorry for posting anonymously. My friend is very private. I have a friend who was a founder of a startup. He owns a house outright and gets rental income from it. He rents a room in the area where he wants to live, which I find funny. He has over a million dollars in assets, much of it in long-term deposits that give him a decent return. He also has other liquid assets totaling over a million dollars. To make a long story short, his broker said he cannot get a loan for an investment property or a primary residence. I know about lending, so I understand the reasoning: He could withdraw the savings and spend it, or he could lose his job if he had a mortgage. But another friend of mine, who also had a much larger startup, had a private personal banker at CBA. That banker could do things you normally cannot get done as a high-net-worth individual. They assess you on your individual situation instead of being a regular credit assessor.

Does anyone know if this is a possible option for my friend? Or does anyone have other ideas? I only know how poor people get loans. He is not on Facebook and lives like a reclusive university student. So I am just trying to hellp him out.
 
Here’s a practical tip: always talk directly to your bank first. They can do a lot of things brokers can’t.

I almost lost a house because I waited weeks for a broker to review everything. He overestimated my expenses based on guesses, not actual costs.

Then I spoke directly to NAB. They approved my loan the next day.

I’ll never use a broker again.
 
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