Total Members: 158,198

cam245

  • cam245 replied to the topic Bankwest Loans in the forum Finance 18 years, 7 months ago

    I have recently left Bankwest because I found them very hard to deal with.

    They had a first Mortgage on my PPR plus I had a 50k interest only line of credit with them.

    They charged me $300 a year for the LOC, and $40 every time I drew back against the principal loan even though it was way in advance of the standard payments.

    There were other…[Read more]

  • cam245 replied to the topic Low doc finance on rural residential property in the forum No Subject 19 years, 1 month ago

    Thank you for your input.

    The property in question is in really bad shape, not structurally but cosmetically.

    The previous owner managed the property himself not so successfully it would seem.

    Although there is no guarantee that my offer of 60,000 would be accepted, taking repairs into consideration its what I recon I’d need to buy the property…[Read more]

  • cam245 replied to the topic Defence Housing. Thoughts? in the forum No Subject 19 years, 1 month ago

    4% doesn’t sound like much of a return for something that ties your investment up for 9 years.

    Based on the investment and return 16.5% sounds like a high management fee to me for something I assume would have a good class of tenant residing in it.

    I feel the Govt. is the winner on that one.

    Only my opinion.

  • cam245 replied to the topic Business Finance in the forum Finance 19 years, 1 month ago

    I have been in business for myself now for over 15 years and it is my experience that lenders do not like lending money with out bricks and morter security. There are probably exceptions but the interest rate is generally high.

    You did not say wether you have your own home because if you do you would be better off to borrow against the equity in…[Read more]

  • cam245 replied to the topic line of credit in the forum No Subject 19 years, 1 month ago

    In my experience a line of credit would probably end up costing you more than other forms of borrowing.

    If you really want to sell your home and then I guess you could rent and end up with 200,000 less selling costs to invest with.

    If you want to keep the home it may be better to re-finance with another lender and gain access to some of your…[Read more]

  • cam245 replied to the topic low doc loans in the forum Finance 19 years, 1 month ago

    Demayn

    I have just done a refinance with Mortgage Mart above via my broker.
    Loan is NO Doc, yes NO doc.
    Borrow up to 65% LVR
    7.09% for first 2 years there after reducing to 6.69%. Interest only for first 10 years thereafter reverting to P&I.
    up to 5 splits, no fees or charges, redraw facility.
    You will need to supply 12 mths current lenders bank…[Read more]

  • cam245 replied to the topic A lesson in gambling…our spec home dilemma in the forum Help Needed! 19 years, 1 month ago

    You seem to have thought the problem through well.

    Tough decisions are sometimes hard to make but you will feel bigger having made them. I tend to agree with those that support your option 1 as an exit strategy.

    I believe you are correct that if you sell at a loss you can retain the capital loss and claim it against future capital gains so there…[Read more]

  • cam245 replied to the topic Interest Only Loans in the forum Help Needed! 19 years, 5 months ago

    Good Morning,

    I joined yesterday and have been enjoying viewing many of the posts. There is some fine exchange of knowledge here it is a credit to the contributors. I will be spending some time here in the future.

    I would like to take up the issue that ashrik raised of financiers calling up loans and the follow up question raised by stormbiz…[Read more]

cam245

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