To clarify my previous post "there are 2 other mortgage insurers" in addition to Gemworth, PMI and Prime.

"there are two mortgage insurers " Never one to disagree but this is not quiet true.Apart from Prime there are 2 other main mortgage insurers as well as 3 separate self insured facilities operated by the lenders themselves.

Hi ClairI fully appreciate the differing industry standards in Qld as we use a Corporate License with my partner as the nominated Builder and have done so for over 50 projects in Brisbane over the last 10 years  including the Nundah Bowls Club (55 Townhouses) and the Fortitude Valley Fire Station.My response was in regards to your statement I am c…[Read more]

Would need to know details to see how much magic is required.Feel free to shoot me an email.

Dont want to be negative claire but i think you are asking a bit much.You are wanting someone to put their name and financial future on the line for a couple of quid. I must admit i cannot believe any reputable Builder would want to take the chance. More importantly once the property is sold the potential buyer will buy the property on the basis…[Read more]

Yes it all depends on the lender and their arrangement with the individual mortgage insurer.Upto 60% maybe refunded with certain lenders if you refinance in the first 12 months.Just got to watch the early repayment penalties with a lot of lenders if you are thinking of doing this. 

Hi CameronYes i posted that on an earlier post.So much for the fact that securised lenders rates will not go up any higher than the RBA increases.

I will keep beating the drum whilst the posts keep getting raised.On that front i had a nice email update from First Mac this morning to advise me that as the cost of funds had increased due to the subprime problem then they would be lifting their interest rate by 80BP's rather than the RBA 25 BP's. I also read yesterday several other lenders had…[Read more]

GerryRather an expensive way of avoiding Cross collaterilising your loans. Not only do you have the set up costs for the Trust and Pty Ltd Company but also possible Land Tax issues depending in which State you are in.Lot easier and cost effective ways of avoiding maxing your serviceability.

PeggiNot a bad virgin post. Why not pay for an ad next time.

Thought about how you would finance it.Depending on the State and the Island would determine how much you could finance against.

Hi thereYes most brokers including moi have a range of lenders who could accomadate your request and certainly in my situation we dont charge for anything for any of our residential services.There are a variety of Family Guarantee loans all with a slightly different spin on the product details. In a nutshell if your parent wish to sell down the…[Read more]

Hi thereAT an 92.5% LVR most lenders will either want to mortgage insure the loan or charge a risk fee to cover their exposure.I am unaware of with whom the Credit Union are using for their MI cover but not every lender would have the same problems.Checking the post code it appears acceptable with the right lender.

You will not get a 100% nodoc or lodoc loan so that is not an issue anyway.As Terry mentioned each lender has a slightly different interpretation of the income they use for serviceability.Are you sure that it is the mortgage insurer who has placed this limit on your borrowing  because if this is the case you will be immediately limited as to who…[Read more]

ScroogeNot a good recommendation to make to use a non Bank securitised lender that mortgage insurs all of its loan irrespective of the LVR. Might be fine initially but Wozza will suffer down the track if he looks to grow his portfolio.

Might want to also stay away from Mortgage Refunds.Interesting story on the principal but here is not the place to post it. Ask the average Bank if they deal with them and the answer will be no.

They appear to be a typical mortgage originator who fully securitise their loans. Organisation such as these are dime a dozen.Given the recent jitters in the US sub prime market you may well find that their costs of funding increase.Also why would you use a fully insured lender if you didnt have to for your borrowing as this could severally limit…[Read more]

Many lenders offer such a product so it just about comparing apples with apples.Hard to give recommendations when you havent all the facts and figures.

Terry Yes i saw that and also Gemworth introduced "cash out" limits.Prime thankfully dont require either an ABN or GST registration.

Absolutely where you can.