Good question Richard,So a couple of quick responses which I hope covers this off for you.This is the first time in this rather interesting post about Trust lenders that nab has been raised, so it begs the question of how they are relevant even on credit policy let alone pricing.Assuming they are (I also presume you are not talking about…[Read more]

Thanks Terry,That MAY be a problem however fees and LMI etc is somewhat independent of whether it is an originated/managed product or not. Very few originated products suffer the mortgage insurance issues you have sighted nowadays.In terms of exit fees, penalties are no more the domain of originated products than they are of credit unions and…[Read more]

Hello Daniel,Thank you for the detailed response.You need to watch out for infochoice and similar web sites because their information is often incorrect and is always incomplete. I'm actually working on a piece on these types of sites right now, which should be out mid August.Infochoice was wrong on the lowest cost point of they stated MyRate. Esp…[Read more]

Gidday Daniel,Just out of curiosity, what made you go with a mortgage originated ING product vs taking the real deal ING loan through an ORP Broker at a lower rate than the MyRate version?And Richard, here's a shock for you. I'm with you on 100% on the comparison based advertising. Why is it that MyRate compares a basic variable product with a…[Read more]

Gidday ksun1985,For the most accurate and up to date information contact the Victorian State Revenue Office on 13 21 61, or email you question to them at  sro@sro.vic.gov.au.

Just a quick thought on legality and context.This story should carry an author acknowledgement, even if it is almost two weeks old, written about Sweden from an American perspecitve. For the record, tt was written by Edward Harrison's US Blog site Credit Writedowns.Out of respect for the author and thinker behind this work, the post should also in…[Read more]

Thanks Robrok,If you think he/she fits the bill, by all means let them know the opportunity is there.The hypothetical scenario will be a fairly basic one because of the amount of ground the article needs to cover.I have already had a couple of broker responses and the calibre so far has been quite impressive.

Hello folks,I am currently writing an article for Your Mortgage Magazine on retail vs. mortgage rebates, then as a subset of mortgage rebates, ORP vs SRP.I need two inputs and hope you can help.The first is from borrowers willing to share their experience with a Retail mortgage broker, an ORP mortgage broker or an SRP mortgage broker. You must b…[Read more]

And what pray tell, do they do?

Gidday David,Congratulations on what sounds like a bit of a steal. (which sets off a few alarm bells, so move carefully).I presume from your post that the DA is fully approved and the final matters just need to be tidied up (i.e. payments of contributions, re-registration of title, and council compliance condiitons etc).Putting aside some of the…[Read more]

Hello Marwoto,On checking  interest and interest offset calculations there is some help out there from a group call mortgage watchdog. I have to tell you that I have no idea how good they are, whether you can rely on them, or whether they are a sales funnel for a mortgage broker or lender so be careful if you decide to use them.However if you are…[Read more]

Gidday Yossarian,I think the context was there, just not the complete detail you were after. Some people don't like detail, others do.Those that do, ask for more information. Nos1 did and of course, so did you. (You could have done it without the flame, albeit a good one – I'd happily rate it a 4 out of 5 on the burn scale.)I am on this forum bec…[Read more]

Gidday Yossarian,I'm not promoting any strategy, especially one to lose money. You simply grabbed a snip out of context so I'll try to get it back into  context.Your snip was from a clarification of an earlier post where I outlined a general rule to "write down the value of offset features for investment based borrowings" because you are only re…[Read more]

Okay Richard, just a couple of quick corrections on your information.Contrary to your assertion, It is not illegal for a mortgage broker to comment or even advise on any type of mortgage offset facility, provided they belong to an ASIC approved EDR (External Dispute Resolution) scheme such as COSL or FSO. It's been that way since before brokers…[Read more]

Gidday Greg,Conflict of interest caused by commission is a major driver in shafting stories like yours. If you want to get around that, you probably need to look into becoming a borrowers agent rather than a broker, but doing your cert iv is a starting point either way.

Gidday Garoopna… I think you need to post this in the Legal & Accounting forum as you're really dealing with cashflow advantages/disadvantages and CGT and PIT issues, rather than a financing question.

Thanks Richard, it was too late in the day when I responded, I kept getting stuck on Maxis.Although I agree that the offset seems to be doing very little if anything for Marwoto, this a combination of his knowledge, lifestyle and investment choices rather than support for your blanket generalisation that it's not a 'true offset'. Not to mention t…[Read more]

Gidday Sprunk,Just before you call a broker or lender for that matter, crunch your numbers for yourself. Remember, lenders and brokers will sell you as much debt as they think they can get away with, which has gotten a lot of people in trouble in the same area that you are thinking of buying in.Buying property is an excellent dream and a solid…[Read more]

Gidday again Marwoto,Ratebusters is a mortgage originator which, if it was in the UK, would be called a single tied mortgage broker. They are definitely an intermediary for the lender, not the actual lender. However the risks and benefits of how a mortgage originator operates are different to your run of the mill mortgage broker (no offence…[Read more]

Gidday Marwoto,The fact that your loan has an offset account (provided that's what it actually is) suggests you're on a pretty fair wicket,The fact that your lender is going to slug you for the top up is a little disappointing.The next step is up to you, if the val holds @ $550K, you can, as you pointed out, get $80K out which means you can…[Read more]