Hi JanineWill come back with some answer to the Vendor finance questions later in the day but there are other lenders who will approve the loan upto 95% lvr even though the purchase may have NO evidence of savings.Might be an idea to go that route initially and that use the VF option as a fall back position.

Hi PGB no regetfully you cannot.A Trust would normally only take 24 hours to be set up. 

I think you will find that the Qld Premier stamped it on the head yesterday.

As crj has mentioned in the good old days (pre 2008) many lenders did not require documentary evidence of a when a guarantee was given however this is certainly not the case now.

Hi DylanUnderstand you might have already answered your own question but all the new lender will do is payout the remaining loan amount outstanding and as advised by the outgoing lender.Of course if you Mortgage Broker has added a new line of credit to the new application then this will be in place on settlement.Just need to be a wee bit careful…[Read more]

Hi ShaunWelcome to the forum mate and I hope you enjoy your time with us.Your question we get asked by clients all the time.Couple of points worth mentioning.1) On the basis your income is sufficient to support a higher loan you would be able to borrowing upto 95% of the purchase price but would be required to evidence your income through Taxation…[Read more]

Are you saying that you simply need to disclose the vendor loan to the bank and they count it as a personal loan (if it is not secured against the property), or they count it as a second mortgage if they the loan is secured with the property YES.Most wont like as there is no saved deposit even if LMI is not involved.I haven't yet applied for any…[Read more]

Yeh but Terry you are talking the good old days of around Oct 2009 that was donkeys days ago.

Just to clarify Ryans last comment.Banks and Mortgage Insurers DO lend and provide cover on towns of under 10,000 population where the lvr is 80% +.Misconception put around that is not true.In certain post coded areas the mortgage insurers may wish to limit their exposure but population alone is not the sole criteria.

Yes 90% or 95% should still be available although i was reading earlier that the mortgage QBE is starting to get a little nervous these days in a lot of the post codes areas.

My dentist in the UK was called Ryan and i must admit he wasnt a very nice fella.Think pain was his middle name.

Not unless you have equity in another residential security or similar.I will assume the Vendor doesnt wish to finance it to you ?

With a Second Mortgage CB facility the fact that the Vendor loan is not disclosed and if it is the vendor repayment would be consider as a liabaility (Haven't come across a lender that accepts these but could always be wrong if you like to let us know more).With an Instalment Contract the simply wont lend where the property is being onsold under…[Read more]

Heh deb who are you calling "old" lol.

Sorry to come in at the end of the post comes of having a day at the beach but why would a Vendor sell a property $100K less than his own Bank have just valued. Even if his loans were cross collateralised it seems strange they would value the security when it is being sold.Are you sure it is not just a case of Selling agents spin. 

Hi BenMight want to check out the new property investing ASC licences required when you are in the business of providing a so called service for sourcing property.Real Estate agents selling investment properties will also need to be Licensed accordingly.Obviously bird dogging the odd deal here or there for a quick drink or spotters fee but for…[Read more]

Ryan i understand that you dont like mortgage brokers but can i just ask did you disclose to your financier that the Vendor was leaving in a second mortgage on your first deal and if you did what was there reaction.For someone who has been involved in Vendor Finance running First Home Owners Group Pty Ltd for nearly 15 years i can assure you that…[Read more]

Ryan had a look at your website but couldnt see anywhere that you were licensed to operate such a service.Can you confirm that the you hold the new PIL required by ASC.Hate to see unlicensed advisers trying to spruik their wares on the forum.

Wow Ryan rather a sweeping statement but sorry to hear that the industry has not treated you well.Must admit i have also come across many a client i didnt trust and have given them the flick before we even started.Yes in most cases a Broker earns a commission from the lender with whom he or she places your loan business with but surely you dont e…[Read more]

Might get D2 to answer that one because of Privacy.