Like Westpac / Rams, they didn’t buy all of the existing loans. People that got burnt are the ones that took loans before they were bank owned.

They might want to be white knights but they have no control over their cost of funds.

Its not just RHG. People got screwed with RAMs, GE whitelabel, Challenger, wizard, first mac and plenty of other non banks.

When I say screwed, not all these lenders have the heavy DEF however they all promoted cheap rates however after the GFC ended up more expensive than the majors. Most people don’t realize that brokers can earn up to 1.5%…[Read more]

CBA and Westpac are won’t do this via broker channel / retail bank.

Major banks are usually OK for a standard investmet loan in a unit trust however you might need to apply via business banking.

In most cases you need to go direct :- not through the broker channel.

Sounds like Cba.

The issue is that not all banks computer systems recognize weekly / fornightly repayments. CBA only has monthly in their contracts.

This is why Cba fornightly payments are actually the monthly payment devided by two. You are simply in advance for the first half of the month / paid in full by month end. Due to this you pay an…[Read more]

You say melb metro : what suburb?

Make sure the apartment meets the mortgage insurers security requirement. In some cases 95% might have restrictions e.g. Must have own laundry facilities etc, minimum size requirements etc.

Qlds007 wrote:
Banker wasnt refering to TCU.NAB Advantage rate with no applic / valuation or any ongoing fees is 6.55% or 6.45% less than 65% lvr. 

I see. Thought you were talking about TCU. TCU is not cheap then . They simply havnt raised their rate yet…

Qlds007 wrote:
You can stil get 6.45% (post May rate increase) with No application / valuation / lenders legals fees.No monthly or any ongoing fees.

I just called them. Rates are being increased effective this coming Monday : not yet include in the advertised rate. Rate will be approx 6.7%. Fees do apply.

You can get cheaper with the major banks.

I just checked the site. Teachers credit unions rate is as of 14 April. The reserve lifted rates on th 4th may. Banks followed suit on the 4th. May. Not sure if it includes the rise or not…

I actually found out recently that non of the major banks, and as far as I am aware any of the second tier aust banks actually have an all monies clause in their contracts. They were removed over 10 years ago from the contracts but still exist in some commercial facilitites. They are somewhat of a commonly quoted myth.

I would double check the…[Read more]

Just make sure the loan is split so you get two statements.

There are also a few tricks re lenders that don’t lend to trusts. For example: Westpac, as per broker policy, cannot lend on a home / investment loan to a company as trustee for a trust. This is because their doc prep team in Adelaide print all the docs for brokers. If you go direct to a branch however they can print the docs locally – allowing t…[Read more]

Was it due to the valuation coming in low or the banker entering the wrong valuation figure? The first is common with off the plan properties, student accommodation and new complexes however the second would simply be an error on the bankers part.

Guide only. Might be right for first home buyers without multiple income streams and liabilities. If you have a few properties it won’t work.

Most lenders need it to be interest only. Base on a fixed rate (not variable rate of the day). Therefore say you have a loan of 200k, 1 year fixed rate of 6.5% = $13,000 interest. The $13,000 is charged in a lump sum – therefore deductable in the tax year it is charged. This means that if you were at the end of June and already had almost a full…[Read more]

thecrest wrote:
Would you please name some of these specialists ?St George dried up in very poor style this week, so we need to make a move.Any ideas would be appreciated.Cheersthecrest

All of the majors lend on leasehold motels – for the right deals. So does BankWest. So does St George. The first problem you will have is the amount: – 100k…[Read more]

Yoss – you are wrong…

if I follow this link it has the word consumer stamped all over it. Seems like you just want to argue however all I am pointing out is this is moving more towards what we have in commercial (not saying it is exactly the same)..

Re your comment re Dunn & Brad St: on a company you can get reports far more detailed than…[Read more]

no

OK Yoss, so it is positive reporting however as I've said this has been happening in commercial for a long time. On Dunn and Brad Street you can get all sorts of info on a client including but not limited to: annual turnover, number of staff, term with existing bank, major suppliers / customers etc. Is this not positive reporting?Are you telling…[Read more]