Total Members: 158,642

Shaun M Smith

  • Shaun M Smith replied to the topic What percentage lend can I get on a mixed use resi/comm building in the forum Finance 15 years, 9 months ago

    Agree with Richard. Max lend 75%.

  • Hi NewgenSubstitution of security is fairly standard accross lenders. The issue will be simultaneous settlement. You will need to settle on your property sale the same day you settle on the new purcahse. This can often be difficult.

  • Shaun M Smith replied to the topic Finance with no recent credit history in Australia in the forum Finance 15 years, 10 months ago

    AgreeYou shall have no problems obtaining a home loan. Your history is easily explainable. The only instance I can imagine it having impact is in relation to personal loans where some lenders may record this as a negative in their credit scoring system. Again quite easily explainable.  

  • Shaun M Smith replied to the topic refinance strategy in the forum Finance 15 years, 10 months ago

    I would expect in consolidating the three different accounts to one account there would be variation costs involved. I would expect such efforts may be short lived.  

  • Shaun M Smith replied to the topic Becoming a mortgage broker in the forum Finance 15 years, 10 months ago

    I have had up to 15 brokers at any one time working as contractors under my banner. There is a lot of time and effort that needs to be put into these relationships. The majority of the time I have found the investment to bear minimal return as most "brokers" reach a certain level of competancy and decide to go down their own path. The better the m…[Read more]

  • Shaun M Smith replied to the topic 100% finance in the forum Help Needed! 15 years, 10 months ago

    If you can clearly afford the repayments associated with a mortgage of this nature then it is a good alternative considering the current cost of renting.

  • Shaun M Smith replied to the topic URGENT LOOKING FOR EFFICIENT, CREATIVE BROKERS – N-T-W in the forum Finance 15 years, 11 months ago

    My organisation would be happy to assist should you not have already found a suitable candidate.Regards 

  • Shaun M Smith replied to the topic Advice needed for Loans in the forum Finance 15 years, 11 months ago

    It seems there is quite a bit of information you are trying to get the answers for. I would be more than happy to assist. I would suggest verbal communication may be easiest.Regards 

  • Shaun M Smith replied to the topic Commercial Loan? Home Loan? in the forum Finance 15 years, 11 months ago

    I would suggest approximately 4 x Gross Annual Income for a rough serviceability guide subject to any other liabilities you may have. Low Doc loans should be exactly that with no financials required. In most cases you are able to borrow up to 80% of a properties value under these type of loans at standard "Full Doc" interest rates. I would be g…[Read more]

  • Shaun M Smith replied to the topic Can’t get LMI for loan on high density property purchase in the forum Finance 15 years, 11 months ago

    To mind BankWest utilises the services of PMI for mortgage insurance purposes. The other major mortgage insurer in the industry is Genworth. The majority of lenders use one or both of these. Outside of this both St George Bank and Westpac both self-insure. I am surprised your broker is unable to offer a solution.Regards

  • Shaun M Smith replied to the topic Banks lending approach to flips in the forum Help Needed! 15 years, 11 months ago

    Be careful. Short term funds can be very expensive. Particularly in the current market.   

  • Shaun M Smith replied to the topic What if I made a mistake in buying? in the forum Help Needed! 15 years, 11 months ago

    Hi TanjaaAre you positive you are unable to borrow the funds needed to build?Regards

  • Shaun M Smith replied to the topic Finance Suggestions. in the forum Finance 15 years, 11 months ago

    It all comes down to what suburb, the type of property and subsequent zoning. Lenders will look at each of these aspects more closely when you are borrowing at 95 and particularly 100%. If you were able to identify location, type and zoning then specifying what you may be able to achieve would be a lot easier.  

  • Shaun M Smith replied to the topic What is the benefit of an interest only loan? in the forum Finance 16 years ago

    The good thing about interest only repayments is that your minimum monthly/fortnightly or weekly commitment is reduced freeing up cas flow. If you have a variable rate facility you can generally make additional repayments at any time without penalty. If you have a fixed rate facility you can generally repay up to $10K per annum as a rule wi…[Read more]

  • Shaun M Smith replied to the topic Getting finance as a sole trader in the forum Finance 16 years ago

    I would personally suggest St George Bank – Flexible Deposit Home Loan. St George are self-insured and provide more flexibiltiy than the majority of lenders offering products under either PMI or Genworth.Further, their LMI premium to mind is lower than PMI & Genworth. Regards  Shaun Smith | Managing Director | CDS Financial ServicesDirect: +612 9…[Read more]

  • Shaun M Smith replied to the topic Bulding Time in Perth in the forum Help Needed! 16 years ago

    Hi thereI would suggest you shall be able to find a builder that will complete in less than two years however in your costing I would budget for a 2 year build so as to provide a wosrt case ROI.  If the development still works on that basis then fantastic.From a finance perspective you have two real options. The first shall be institutional fu…[Read more]

  • Shaun M Smith replied to the topic First Time Home Buyer in the forum Finance 16 years ago

    CarlDeposit Bonds are easily obtainable once you have achieved Formal Approval on your investment loan. I am generally able to turn these around for my clients the same day the approval is granted.The only issue you seem to have therefore is convincing the bank you have funds to complete the purchase. I would suggest a statutory de…[Read more]

Shaun M Smith

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