gold, page-123218

@Skol

let's get back to your daydream!

The scenario is a young bloke living in Sydney walks into the local bank to apply for a home loan to borrow $1.3m dollars to buy a Sydney property.

The Loan manager says what's your annual income, the young man says $100k, the loan manager then says what's your savings. The young man says I got about $50k saved.

The bank manager says, sorry your income needs to be significantly higher or you need a significantly higher deposit!

The young bloke then says to the loan manager but I read on hot copper some dude on the gold thread says anyone can get levered up to hill and up it's all just up to the amount of risk that an individual wants to take!

The bank manager laughs and then says don't believe everything you read on the internet, what's the posters qualifications and background to make such uniformed advice?
Doesn't he know banks or anybody who Is providing finance in general does a serviceability check especially for large amounts before they let people borrow money!