Loan scenarios on the stranger side in 2015

by AB11 Jan 2016
We look back at some of the stranger loan scenarios Australian BDMs told Australian Broker's sister site in 2015. 

"I get a lot of strange ones but my favourite one was the customer wanted to use his share in a race horse to buy his first home. I asked what he thought his share was worth and if he knew a good horse valuer. We need to have some fun in our line of work!"
Tim Lemon, RESIMAC

"I was once got asked to accept some unusual sale proceeds as genuine savings. The customer had sold a block of land for a goat, a carton of beer and a small amount of South African Rand. No problem once I received a picture of the goat."
Vanessa Hyde, ANZ Bank 

"I get a few strange ones from Northern NSW, spoke to a broker once about a scenario where he went to a house to sign up the borrowers and the whole family was naked. Another one from that area where a horse lived in the house."
Glen Gillespie, Better Mortgage Management

"When working for a Major Bank I was always told that if it floats, flys or eats grass, we dont finance it, so when I had the opportunity to fund a business that involved helicopters, hangars and cash out to buy a herd of "Blonde" cows (yes I am serious ...) I thought to myself, well now I have officially seen it all!" 
Natalie Sheehan, Homeloans  

"$15m Mobile oil drill rig for an exploration company – Lender would not do 1 but would do 2? Go figure……" 
Clayton Myers, Australian Financial 

"There have been quite a few, but my strangest would have to be a scenario where an applicant wanted to use their caravan, bike and other possessions as security to buy a block of land to put the caravan on."
Stuart Moore, ING Direct 

"A purchase of an established property where the house consisted of a Sea Container, they couldn’t understand why the lender wouldn’t see that as a house."
Rebecca Parkin, Vow Financial 

"In the late 80s I had an application from a customer to borrow a substantial amount of money to buy a new type of laser disc (CDs) technology from the United States to replace their current record player. It was a new technology back then - the discs looked like something you’d throw around the back yard, or hang in your tree to keep the birds away from the fruit! I thought it was the strangest request that I had ever seen. Who’d have thought CDs would take off!"
Adrian Lee, ING Direct 

This article is from Australian Broker's sister site, MPA.