I have some very good mates at the NAB but they know they would not normally get my business at their product range is not upto scratch.

Their LOC product is weak and normally you would not qualify for a rate discount under a Pro plan unless you have a very strong application and many $$$ of borrowing.

I believe you can do better but without…[Read more]

Maybe Power Loans do Real Estate too.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
richard@yourstatefinance.com
Ph: 07-3720 1888

Also remember their branches are franchised.

Your service is as good as the person who owns the franchise.

As Simon mentioned why post a Finance question which you did want brokers to answer. I assure you no one is merely here for the business they receive from the forum but to help and assist other members.

Richard Taylor
Residential &…[Read more]

I still own 3 separate non strata titled blocks in Brissie and wouldnt sell them for all the tea in China.

A block gives you so many options:

1) To develop.
2) To rent and retain
3) To strata
4) To renovate

Controlling the Body Corporate also allows you to run the building as you want and with the increase in pricing for such properties the…[Read more]

Far from it First Mac’s underwriting is certainly not the most favourable.

Kim Cannon is a shrewd operator although they still have their pecularalities like anyone else.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
richard@yourstatefinance.com
Ph: 07-3720…

Hi Foxy

Yours is a common problem and one why we dont always suggest that a client put all of his/her eggs in 1 basket.

Each lender has a different set of lending criteria which includes both LVR and serviceability, what they do and do not take into consideration for income ete etc.

If you are not willing to consider refinancing 1 or more of…[Read more]

Ben

We should point out that the minimum purchase price is $100,000 for a loan > 80% and it is made of up a 1st & 2nd lender. Min Loan $100K Min purchase price $111,000.
Unsure as to the interest rate of the 2nd lender but i assume that is it higher than the first.

As most of the loans we process for our clients are under $100K it might not be…[Read more]

Ben

But as you mentioned we should point out that the minimum purchase price is $100,000 for a loan > 80% and it is made of up a 1st & 2nd lender. Min Loan $100K Min purchase price $111,000.

Unsure as to the interest rate of the 2nd lender but i assume that is it higher than the first.

As most of the loans we process for our clients are under…[Read more]

Jaffa

LMI is a single upfront premium paid for the borrower for the sole benefit of the lender. The borrower can never make a claim on the mortgagee can do this.

In the event the lender cannot retrieve the loss after persuing it then it is normally written off.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from…[Read more]

FYI

Firstmac MI every loan even if it is under 80% and you can proove income and you the borrower pay the premium.

Power Loans coaching program on debt reduction as Simon mentions smacks as massive conflict of interest. Each Branch is franchised and I am unsure as to whether the individual owners are Licensed Financial Planners able to offer you…[Read more]

There are dozens more all with their own differing features.

The only question i would ask is why would you want to go to a wholesale lender where every loan is MI and which will restrict your borrowing capacity as time goes on.

Can you tell us what appealed to you about these 2 mortgage managers?

Richard Taylor
Residential & Commercial…[Read more]

Just to add to Terry’s comments.

If of course the loan is mortgage insured the lender will approach the mortgage insurer and make a claim on any shortfall.

In turn the MI will take over the recovery of the debt by following the steps that Terry outlined.

In the UK at the end of the 80’s with negative equity in many properties in the SE of the…[Read more]

No worries Wez.

Sorry wasnt trying to correct you just pointing out the variations.

As a Fin Planner Super & SMSF are 2 areas I actually enjoy talking about.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
richard@yourstatefinance.com
Ph: 07-3720 1888

Securitised lending dominates the US Finance landscape and gives access to capital for many institutions.

Australia is a lot smaller market place but the concept is similar. Retail lenders rely largely on deposit to funds their mortgage book whilst a wholesale lender can raise funds using a different platform.

To be different many of the…[Read more]

Hi mario

The Company i own currently has in excess of 150 properties here in Qld which we have wrapped or provided Vendor Finance on over the last 9 years.

You are more than welcome to call me Thursday in the office or email me at any time and I would be happy to offer you some advice.

Richard Taylor
Residential & Commercial Finance…[Read more]

Wes

Sorry to contradict you but this is not correct

It is compulsory for every employee to have a Super fund and employers must pay contributions for them. It’s as simple as that.

The following employees are not covered by the Superanuation Guarantee Act:

1) Employees who earn less than $450 / month.
2) Employees under the age of 18 and…[Read more]

Indy Mac are based in San Fran, CA.

They do not do correspondant lending so you need to go through a broker. Their turn round times are terrible make the likes of WAMU look quick and FN requirements are severe.

Also will not do more than 4 loans per person.

You can do a lot better.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC…[Read more]

Hi Deb

For your information a provider of Vendor Finance in WA is required to hold a credit license and may have more rigid serviceability terms than standard lenders.

If you want to give us a little more information I might be able to suggest a few traditional lenders who would consider your application.

Richard Taylor
Residential & Commercial…[Read more]

Why not name the firm publically so fellow forumites are not caught up in a similar situation.

As Simon mentioned lack of referalls hurts more in the long term.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial Planner
http://www.yourstatefinance.com
richard@yourstatefinance.com
Ph: 07-3720 1888

Yes after the relevant qualifying period you certainly can but you:

1) Would occur Stamp Duty on the Transfer
2) When sold maybe liable for GCT
3) May trigger a Land Tax liability dependant on which State you are talking about.

Richard Taylor
Residential & Commercial Finance Broker
**NODOC loans from 7.14%**
Licensed Financial…[Read more]