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  • Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 2:13 am

    Hi NHG

    1> Yes a credit search is done on all Lodoc loans. (Lodoc loans have nothing to do with poor credit applications).
    2> A Lodoc loan is not for clients with limited deposit and are aimed at self employed clients who are unable to supply normal Tax return documentation for the last 2 Years.

    With a limited deposit / equity you will not get a loan lodoc or full doc.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 1:44 am

    All depends on the location of the property, the security type etc etc etc.

    Not every lender uses Valex or similar.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 1:15 am

    Not for SMSF Com deals.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 12:58 am

    I guess CBA for a SMSF Commercial deal is fine if you like paying over the odds on interest rates and application and ongoing fees.

    Personally i would never do a SMSF with CBA resi / commercial but your Broker obviously has reasons for doing so.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 12:51 am

    Sorry lodoc loans are not an answer to poor credit.

    Whilst there are a few valuable contributions to date i would do nothing until you have a copy of your Credit report.

    You can order it from Veda.com.au.

    Without this you are wasting your time. Show it to your mortgage broker and see what options you have going forward.

    Then read and educate yourself. Avoid organisations like Investors Club who have one goal in mind and that is to make money out of you by selling you property.

    It is never too late to start but you need to have the right stucture and foundations in place.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 17, 2012 - 12:42 am

    Must admit i am not seeing it that much on purchases and if you do then i think i would be looking to get an alternative valuation or switch lenders. Get your Broker to order the valuation up front before you lodge the application so you dont fry your Credit record.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 16, 2012 - 1:23 pm

    Hi baydos

    Firstly welcome to the forum and I hope you enjoy time with us.

    If you want a face to face interview with a mortgage broker in Adelaide i am sorry i cant recommend anyone.

    In saying this most applications these days are lodged electronically and phone, email between Broker and client seems to be par for the course. I have 100's of forum clients i have never met and realistically never likely to meet especially those who are inter state or overseas.
     
    Cheers

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    Richard Taylor | Australia's leading private lender

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    April 16, 2012 - 1:19 pm

    Agree with Terry personally would be doing it that way but i guess that is upto you and the advice your Bank / Mortgage Broker is giving you.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 16, 2012 - 5:44 am

    I am with Terry i think last years premium was about the same.

    I am assuming you will be an Authorised Representative so the firm who holds your ACL will be able to give you the premium.

    In regards to longevity i have been in the industry both here and the UK for the best part of 23 years and other than 6 months when i initially retired have done nothing else.

    I dont receive any leads and never have and all of my business is done thru referal or existing clients.

    Last year for the 10 months i was working i wrote $54M being a sole operator without any support staff and should slightly better that this year. I work from home.

    Good luck

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 16, 2012 - 5:02 am

    Hi Xuxu

    Yes i can understand the concern and you are right some lenders go straight to the Big 4 because they can get a volume bonus  commission with a couple of them.

    Personally i have no issue with a smaller lender especially if they are owned or funded by one of the majors.

    Interest rate is not the prime function for most of my forum clients it is the overall product and the ability to keep going which is important. This can come down to Credit policy and variations etc.

    I can think of a couple of smaller lenders i would prefer to use over the major Banks depending on a clients loan requirments.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 15, 2012 - 6:56 am

    Jamie if it anything like they coped last Special it will be another joke.

    With AMP / Citibank promo's you had no chance it getting the deal over the line on a purchase if you needed it the same month as you lodged it. Total disgrace.

    Cheers

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    Richard Taylor | Australia's leading private lender

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    April 15, 2012 - 4:23 am

    Hi Tiger14

    Yes no dramas as long as the rent is done at market rent.

    Cheers

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    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 15, 2012 - 4:20 am

    Depends on who the lender is and where you located.

    14 days is standard and achieveable with many a lender.

    Remember lenders quoted their service level in business days and not actual days so there can be a big difference.

    Without knowing more about your position it is difficult to provide you with a more accurate answer as if LMI is required this can add further time delays.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 15, 2012 - 4:15 am

    I know both properties and wouldnt have an issue with either.

    The house has a small land area and not ideal for Capital Growth and the small garden will need to be maintained which comes at a cost.

    Remember the Body Corporate fees will cover the Insurance of the property and this is something that you will need to do anyway with a freestanding house.

    It would depend on who is managing the BC as to whether i would consider the Townhouse. There are a couple of BC's i can think of i woulldt trust as far as i could throw them. ($900 / quarter seems expensive so i would want to see the last Annual Minutes)

    You mention that you will be looking at an 80% lend. Where is the balance of the purchase price  and acqusitions costs coming from?
    I am assuming these will be borrowed so you need to make sure you structure the loan correctly. I assure you your Bank wont be encouraging that as it is not in their best interest.

    You also dont appear to have factored in any Depreciation / Capital Allowance. Whilst i would never buy a property purely on the Tax breaks they do need to be considered as they will effect your cash flow.

    More hard data would be needed to compare like wiith like.

    Cheers

    Yours in Finance

     

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 14, 2012 - 2:02 pm

    Yes as Terry said that woulld be possible subject to a few points however whether it is the best way forward is a different matter.

    Your father could take out a loan in his sole name at a cheaper rate and then on lend the funds to you at the same rate.

    Couple of lenders who might look at this.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 14, 2012 - 3:00 am

    Only trouble with any of these so called Special Offers is the lenders service levels then blow out to ridiculous levels.

    AMP were out to 19 working days to look at a deal until recently and even though they ended their 5.99% 3 year fixed rate are still at 9 working days. With a 14 day finance period you have no chance of getting the deal approved within the time frame even assuming everything was ok.

    Fine if you are refinancing and time is not of the essence.

    And well my comments on Anz are not worth printing.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 12, 2012 - 11:56 pm

    Hi htopg

    With an unencumbered property there are always options however of course your local Bank manager may not be the right person to be advising you of what they as he probably hasn't even paid down his own PPOR loan let alone bought his 5th investment property.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 12, 2012 - 11:32 am

    Sure Nigel wont mind me posting his contact details:

    [email protected]

    Mob: 0412 345 735

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 12, 2012 - 11:28 am

    Travelling too and fro to your Accountants office is a Tax deductible expense so they can be located anywhere if you prefer face to face contact.

    I have a couple of forum clients who fly down each year from Townsville to my Accountant on the Gold Coast and combine it with a weekend on the Coast all tax deductible.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Richard TaylorRichard Taylor
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    April 12, 2012 - 11:22 am

    John

    Hate to say no lender will lend your wife a cracker if she is unemployed especially since the intro of NCPP.

    If you decide to sell the property to your wife there is nothing to stop her being on the Title and both of you being co-borrowers or alternatively you buying a percentage of the property from and going from Joint Tenants to Tenants in Common.

    Need to work the numbers to see whether it is a viable option.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

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