Exactly Jamie and evern more you can do it with Anz on an uncrossed basis.CheersYours in Finance

If you read the API magazine you would see how i made my money and how i can now offer my services for free.Not even going to attempt to discuss Bank / market valuations on a Contract price. Sure RPM will have covered it.CheersYours in Finance

Hi BenNot Cross collateralising your loans would have had no bearing in the fact when it came to paying LMI for the purchase of the IP or indeed would not have limited your access to the equity you had available in the PPOR through the redraw.The figures are exactly the flexibility going forward is the difference.YES you should be getting a lo…[Read more]

Hi Ozkar Your comment about market value and bank value is wrong and ill informed and clearly demonstates you lack of understanding when it comes to finance structures.If i was a First Home Buyer buying a house at $300,000 and wanting to borrow $285,000 and the Bank only valued the property at $270,000 i would not be able to proceed. In fact if…[Read more]

To further add to Michael's closing comment"It is not so much of an issue when you dont know that the loan is crossed more when you dont know the consequences of crossing it in the first place irrespective of whether you know or not".CheersYours in Finance

Terry beat me to it.The other comment which concerned me was 'They found me a house and land package that I purchased at near the bank mortgage value"The Bank valuation should always come it at the purchase price and not somewhere 'near'.CheersYours in Finance

Hi StuartThis might help http://www.asic.gov.au/asic/asic.nsf/byheadline/Do+I+need+a+credit+licence%3F?openDocumentCheersYours in Finance

Hi MatthewI agree with you there is value all over the place IMHO.I have just gone to Contract on a 4 bedroom luxury home at Hope Island backing onto the Gold Course.Originally sold for $1.45M and we have had our cash offer of $685K accepted. Estimate rental is over $1100 / week so not a bad yield as well as the potential Capital Growth.The Gold…[Read more]

Sorry Speedy in Qld you only get 5 days cooling off and not 10.The Contract is dated the day the Deposit Holder signs the Contract not the date the Seller signs it.Certainly they could be the same date but doesnt have to be.CheersYours in Finance 

Your Broker is incorrect some lenders still do full meaningfull pre-approvals however normally such an approval will be subject to a satisfactory valuation and suitably signed purchase contract.If LMI is required then this will also be an underwriting condition.As SNM has mentioned as long as you feel the valuation stacks up and your Solicitor has…[Read more]

I am on 1.3% Discount with Anz but initially that was borrowing of over $9M and a 50% lvr.Thankfully now it is down to $1.3M and a 7% LVR but they have maintained the margin.Will be all gone in a year anyway unless i decide to buy more.CheersYours in Finance

Jamie has nailed it in one.I have 101 clients who have done similar however it does come at a cost.Normally depending on the State you are in there is Stamp Duty payable on the Transfer.Still depending on how long you intend to stay in the property can be well worth it.CheersYours in Finance

As Terry said in regards to equity / cash for deposit. In fact post GFC you need more than before as > 90% lending is very tough.Unless you have a good UMI i would suggest you need 16-18% to cover a 10 deposit plus acqusition costs.In regards to the comment made by Dymphna i think you have may have misheard her as all liabilities need to be…[Read more]

Hi PaulRefinancing the Instalment Contract a couple of years down the track has not and is not the issue the issue comes when the original buyer / investor purchases the property with a view to imediately onselling the property thru an IC.We have all of our remaining IC thru one of the majors done at National level in Melbourne due to the number…[Read more]

It is not the best rate going around if that is your question and if you wait a fortnight may find you could do better anyway.Dont just look at the rate look a bit deeper into the whole product being offered.CheersYours in Finance

Really Jamie i could probably add another 19 lender to that list at the mo.CheersYours in Finance

There are many a Commercial loan done these days ( especially if with 1 of the Big 4) which depending on how structured have an ongoing requirement for you to provide income information on the anniversary of the settlement.Standard Term loan would be different but depends on how it is structured.5 months for a loan is incredible but as Terry ha…[Read more]

Property market maybe quiet but the finance market is not.Lenders declining deals left right and centre.As a result some of us USER'S dont have as much time as we used to get in and answer 101 questions.CheersYours in Finance

There is NO requirement to be a member of VFA but there is a requirement to be Licensed.If in doubt drop Paul a line as he is an expert on such matters.CheersYours in Finance

Yes Michael dont you love the Bank West Pre-approvals.We approve your loan conditional upon you submitting a new application and all supporting documentation and we going through it with a fine tooth comb and seeing if there is any reason why we cant decline it.Luv those lenders.CheersYours in Finance