Choosing a lender

I had banked with CBA for 8 years and Bankwest for 2 years. My husband is a long-time customer of WestPac.

Yes, we asked what they could do. Two years ago most lenders seemed willing to lend up to 100% or in some cases 105%. We had no problem receiving an unconditional approval then.

Of course, things change. One guarantee, things always change.

We had also spoken back then with Aussie Home Loans, RAMS and an online lender, Rate Buster.

All of them had value.

It's funny how in the end, because I could only find an old email from the RAMS rep that I emailed this rep with a simple question, can we get a home loan? All he had to do was reply, confirming he was still working for RAMS and answer my question. Well, he did. And he said yes. After a few meetings in person and the fact he is on my speed dial, RAMS seemed as good as any to go through this home loan process all over again.

Of course, it was a comfort factor to hear after our decision was made that RAMS were named the Winner of the 2009 Money Magazines, Non-Bank Lender of the Year. We all remember a few years ago about the problem with low-doc loans and how RAMS were saved by WestPac when they were destined to become Australia's highest-profile casualties of the credit squeeze. A credit squeeze triggering what we are still experiencing today as another day during the 'worst global economic situation ever'.

So, what was next? After deciding to buy land, we requested a valuation. We weren't expecting any problems.